Rex International - UOB Kay Hian 2023-08-28: Weak 1H23 Results As Expected, With Production Going From Bad To Worse

Rex International - Weak 1H23 Results As Expected, With Production Going From Bad To Worse

Rex International (SGX:5WH) | SGinvestors.ioRex International (SGX:5WH)
  • Rex International reported a 37% y-o-y decline in PATMI that fell short of expectations. The highlight was its 12% y-o-y production growth, which was bolstered by new wells coming on-stream at Brage. However, its Oman oil production remains problematic.
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Worse-than-expected 1H23 results.

  • Rex International (SGX:5WH) reported an 8% y-o-y increase in revenue that was helped by better-than-expected production at its Brage field as well as the inclusion of its newly-acquired Yme field. This was able to offset the 24% y-o-y decline in Brent oil prices.
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Production numbers have worsened…

  • On our estimates, Rex saw a 12% y-o-y increase in production in 1H23 with the new well that was brought on-stream at Brage being the key difference. However we note that production at Yumna saw a 38% decline, which resulted in an overall 21% m-o-m decline in total production to 7,587bpd for Jul 23.

… as have Rex’s other financial metrics.

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Above is the excerpt from report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full report in PDF @

Llelleythan Tan UOB Kay Hian Research | Adrian Loh UOB Kay Hian | 2023-08-28

Read also UOB's most recent report:
2024-03-12 Rex International - Worse-Than-Expected 2023 Results; Disclosure Levels Need Addressing.

Previous report by UOB:
2023-11-27 Rex International - Not Much To Cheer About Heading Into The Festive Season.

Price targets by other brokers at Rex International Target Prices.

Listing of research reports at Rex International Analyst Reports.

Relevant links:
Rex International Share Price History,
Rex International Announcements,
Rex International Dividends & Corporate Actions,
Rex International News Articles


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