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uSMART Securities Pte Ltd

uSMART Securities (Singapore) Pte. Ltd (uSMART SG),is a leading securities company regulated by MAS and we hold a Capital Markets Services (CMS) License under the Securities and Futures Act 2001. We provide smart, professional and outstanding one-stop financial services to our clients, to best serve investors' needs and investment journey.

Equity Bottom-Up

<ul><li>We upgrade Geo Energy to OUTPERFORM from HOLD and raise our TP to S$0.56 from S$0.42, implying 10.9% price upside from the 7 August pre-results close of S$0.505.</li><li>FY2025 showed weak shareholder earnings and cash conversion despite strong volume growth; 1H2026 now shows better unit economics but still negative operating cash flow.</li><li>MBJ’s July start and firmer coal prices support a 2H recovery, while higher debt and the US$107.6m MBJ deferred liability keep execution and deleveraging in focus.</li></ul>

We upgrade Geo Energy to OUTPERFORM from HOLD and raise our TP to S$0.56 from S$0.42, implying 10.9% price upside from the 7 August pre-results close of S$0.505.FY2025 showed weak shareholder earnings and cash conversion despite strong volume growth; 1H2026 now shows better unit economics but still negative operating cash flow.MBJ’s July start and firmer coal prices support a 2H recovery, while higher debt and the US$107.6m MBJ deferred liability keep execution and deleveraging in focus.

Geo Energy Resources Limited: MBJ Goes Live; Execution and Cash Conversion Now Drive the Re-Rating

External broker reports(aggregated public sources), KGI Securities Singapore

KGI Securities

External broker reports(aggregated public sources)

KGI Securities Singapore

We are a pioneer Securities & Derivatives, Trading and Clearing Member of Singapore Exchange as well as a pioneer member of ICE Futures Singapore & ICE Clear Singapore. We offer our valued clients round the clock (24 hour) single-touch point for multi-asset clients and 24 hour high-touch desk for global products. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>FY25 results reflect strong volume-led growth despite pricing and tax headwinds.</li><li>Geo Energy reported FY25 revenue of US$562.7mn (+40% YoY), driven by a 62% increase in sales volume to 12.8Mt (FY24: 7.9Mt).</li><li>Profit before tax rose 95% YoY to US$49.1mn, while net profit increased 26% YoY to US$27.5mn, demonstrating the Group’s ability to scale operations and deliver earnings growth despite weaker coal prices and a higher effective tax rate under Indonesia’s HPB-linked framework in 2H25.</li></ul>

FY25 results reflect strong volume-led growth despite pricing and tax headwinds.Geo Energy reported FY25 revenue of US$562.7mn (+40% YoY), driven by a 62% increase in sales volume to 12.8Mt (FY24: 7.9Mt).Profit before tax rose 95% YoY to US$49.1mn, while net profit increased 26% YoY to US$27.5mn, demonstrating the Group’s ability to scale operations and deliver earnings growth despite weaker coal prices and a higher effective tax rate under Indonesia’s HPB-linked framework in 2H25.

Geo Energy Resources Ltd: Execution-Driven Inflection Amidst Current Coal Upcycle

<ul><li>Geo Energy Resources Limited was established in 2008 and listed on the Mainboard of the Singapore Exchange in 2012.</li><li>The Group is one of the major coal producers in Indonesia, mainly producing coal characterized by its low ash and sulphur contents.</li><li>The Group is also developing an integrated infrastructure project where excess capacity will be leased to create an additional revenue stream.</li></ul>

Geo Energy Resources Limited was established in 2008 and listed on the Mainboard of the Singapore Exchange in 2012.The Group is one of the major coal producers in Indonesia, mainly producing coal characterized by its low ash and sulphur contents.The Group is also developing an integrated infrastructure project where excess capacity will be leased to create an additional revenue stream.

Geo Energy Resources Ltd: Production Ramp Up Alongside Infrastructure Expansion

<ul><li>Company Update:23 December 2025 Strong 3Q25 sales volume amid pricing headwinds.</li><li>Geo Energy reported a 100% YoY surge in sales volume to 3.4Mt in 3Q25, driving revenue to US$136.6mn, a 62% YoY increase.</li><li>However, net profit declined 55% YoY to US$3.2mn due to softer ICI4 coal prices averaging US$42.10/tonne down from US$51.64/tonne in 3Q24.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Company Update:23 December 2025 Strong 3Q25 sales volume amid pricing headwinds.Geo Energy reported a 100% YoY surge in sales volume to 3.4Mt in 3Q25, driving revenue to US$136.6mn, a 62% YoY increase.However, net profit declined 55% YoY to US$3.2mn due to softer ICI4 coal prices averaging US$42.10/tonne down from US$51.64/tonne in 3Q24.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Geo Energy Resources Ltd (GERL SP/RE4.SI): Sales Volume Doubled in 3Q25...

<ul><li>Company Update:10 June 2025 Strong first quarter sales volume.</li><li>Geo Energy reported a 94% YoY surge in sales volume to 3.5Mt, driving revenue to US$166.4mn and net profit to US$14.1mn, despite softer ICI4 coal prices.</li><li>Its cash profit margin dipped to US$11.16/tonne, reflecting pricing pressures.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Company Update:10 June 2025 Strong first quarter sales volume.Geo Energy reported a 94% YoY surge in sales volume to 3.5Mt, driving revenue to US$166.4mn and net profit to US$14.1mn, despite softer ICI4 coal prices.Its cash profit margin dipped to US$11.16/tonne, reflecting pricing pressures.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Geo Energy Resources Ltd (GERL SP/RE4.SI): Sales Volume Doubled in the First Quarter

Singapore

Geo Energy Resources is an established coal mining group operating in Indonesia, focusing on low-cost production of premium coal with low-ash and low-sulphur characteristics. The company's core activities include owning and operating coal mines, providing mining contracting services, and trading coal. Headquartered in Singapore, the company was established in 2008.

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Geo Energy Resources (GERL SP)

Geo Energy Resources Limited: MBJ Goes Live; Execution and Cash Conversion Now Drive the Re-Rating

We upgrade Geo Energy to OUTPERFORM from HOLD and raise our TP to S$0.56 from S$0.42, implying 10.9% price upside from the 7 August pre-results...

uSMART Securities

Geo Energy Resources Ltd: Execution-Driven Inflection Amidst Current Coal Upcycle

FY25 results reflect strong volume-led growth despite pricing and tax headwinds. Geo Energy reported FY25 revenue of US$562.7mn (+40% YoY), driven...

KGI Securities

Geo Energy Resources Ltd: Production Ramp Up Alongside Infrastructure Expansion

Geo Energy Resources Limited was established in 2008 and listed on the Mainboard of the Singapore Exchange in 2012. The Group is one of the major...

uSMART Securities

Geo Energy Resources Ltd (GERL SP/RE4.SI): Sales Volume Doubled in 3Q25...

Geo Energy reported a 100% YoY surge in sales volume to 3.4Mt in 3Q25, driving revenue to US$136.6mn, a 62% YoY increase.

KGI Securities

Geo Energy Resources Ltd (GERL SP/RE4.SI): Sales Volume Doubled in the First Quarter

Geo Energy reported a 94% YoY surge in sales volume to 3.5Mt, driving revenue to US$166.4mn and net profit to US$14.1mn, despite softer ICI4 coal...

KGI Securities

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