- Although RHP’s 1H23 results fell short of our expectations due to higher production costs, it is drillbit news from the company’s four wells over the course of the next few months that could add S$0.13 per share to our valuation.
- - Read this at SGinvestors.io -
Lower-than-expected 1H23 results due to higher costs.
- RH PetroGas (RHP, SGX:T13) reported a 24% y-o-y decline in revenue which mirrored the y-o-y decline in oil price. However, RHP reported an 81% y-o-y decline in PATMI to US$2.3m which was impacted by higher operating costs, depreciation and tax rate.
- - Read this at SGinvestors.io -
- RHP remains on track to drill four wells over the next 3-4 months (one of which spudded in early-August) and it is the drillbit exposure that investors should look forward to, not financial results.
Costs increased after the paucity of spending during COVID-19.
- Read more at SGinvestors.io.
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 @ https://www.utrade.com.sg/.
Adrian LOH UOB Kay Hian Research | https://research.uobkayhian.com/ 2023-08-24
Read also UOB's most recent report:
2024-03-25 RH Petrogas - An In-line Outcome For Its Drilling Programme – More To Come In 2h24.
Price targets by other brokers at RH PetroGas Target Prices.
Listing of research reports at RH PetroGas Analyst Reports.
Relevant links:
RH PetroGas Share Price History,
RH PetroGas Announcements,
RH PetroGas Dividends & Corporate Actions,
RH PetroGas News Articles
