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Rex International Holding (REXI SP)

Near First Oil Production, Backed By Huge Cash War Chest And Assets


Rex has proven its ability to create substantial value from its recent divestment of two Norweigian assets to Lundin for US$45m and its remaining assets could be worth more vs its book value. Rex targets to achieve first oil in Oman by 1Q20 and we expect a strong cash flow if production drilling is successful. Also, Rex has a strong net cash of S$89.5m, or 41.5% of its market cap. initiate coverage with BUY and SOTP-based target price of S$0.218, implying 1.1x 2020F P/B.


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Hongkong Land

Low valuation limits downside risk


Negatives largely discounted.

HKL is trading at a 56% discount to our current appraised NAV, near the low end of its historical trading range. The challenging office and retail markets are expected cloud HKL’s rental income growth outlook. However, the current low valuation, which has factored >30% fall in commercial prices in its Central portfolio, should provide a support to its share price. Hence we keep our BUY call with US$6.64 TP.


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LionelLim8.16Check out our compilation of Target Prices

Share Prices

Counter NameLastChange
AEM Holdings4.030-0.040
Avi-Tech Electronics0.405-
Best World Int.1.360-
China Sunsine0.555-0.010
Food Empire0.9400.005
Golden Energy0.148-0.002
GSS Energy0.065-0.002
ISDN Holdings0.635-
IX Biopharma0.245-
JB Foods0.645-
KSH Holdings0.370-
Leader Env0.150-0.001
Medtecs Intl0.9900.020
Moya Asia0.069-0.001
Nordic Group0.255-0.005
Oxley Holdings0.260-0.005
REX International0.1830.002
Sri Trang Agro2.0100.020
Straco Corp.0.575-
Sunpower Group0.9100.035
The Trendlines0.1080.001
UG Healthcare0.600-
Uni-Asia Group0.6050.005
Wilmar Intl5.480-0.020
Yangzijiang Shipbldg1.2900.010
Yinda Infocomm0.1470.005

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