bullish

Rex International Holding

Rex: Bargain Purchase and Auditor Fantasy Valuations

Equity Bottom-Up
457 Views, 09 Mar 2022 17:21
EXECUTIVE SUMMARY
  • 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.
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Nicolas Van Broekhoven
Insight Provider
CrossASEAN Research
SingaporeEquity Bottom-Up

Was on the buyside for 15 years, most recently at a medium-sized boutique asset management firm. I grew up in Europe, we... 

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