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

Previous report by UOB:
2023-06-14 Rex International - Yumna Oil Field Remains Problematic.

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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