In today’s briefing:
- Rex: Bargain Purchase and Auditor Fantasy Valuations
Rex: Bargain Purchase and Auditor Fantasy Valuations
- Rex International Holding (REXI SP) reported FY21 results in late February which showed a dramatic improvement over FY20 due to rising oil prices and increased production
- Accounting wise the picture was muddied by auditor fantasy valuation exercises which understated FY21 results. FY22 to be a “clean” year where positive cash flow impact becomes clearer to market.
- Since 08/03/22 Rex trades on the SGX mainboard and remains the best pure-play oil bet in the Singapore market. Current oil prices indicate an FY22 cash flow bonanza.
Before it’s here, it’s on Smartkarma
