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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 Holdings2.1100.060
Avi-Tech Electronics0.405-
Best World Int.1.360-
China Sunsine0.510-0.005
CNMC GoldMine0.270-
CSE Global0.5500.005
Eagle HTrust USD0.530-0.005
Food Empire0.680-
Golden Energy0.178-
GSS Energy0.0950.007
ISDN Holdings0.225-
JB Foods0.630-
KSH Holdings0.415-0.005
Moya Asia0.0770.003
Nordic Group0.310-
Oxley Holdings0.365-0.005
REX International0.1810.007
Sing Holdings0.400-
Straco Corp.0.615-0.015
Sunningdale Tech1.290-
Sunpower Group0.5900.005
The Trendlines0.1090.002
Tiong Seng0.200-
Uni-Asia Group0.725-0.005
Yangzijiang Shipbldg1.040-0.020

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