Geo Energy Resources - KGI Research 2026-05-18: ResInvest Deal Validates Infrastructure Premium and Marine Logistics Integration

• We raise our Geo Energy's target price to S$1.27 (from S$1.02), maintaining our OUTPERFORM rating. We maintain a DCF framework with two refinements: MBJ is removed from the operating DCF and marked at the ResInvest deal value (US$1.5bn × Geo Energy's pre-deal 71.3% effective interest) and marine logistics was added into the DCF at Geo Energy's 51% economic interest.

Business Updates

1Q26 results & operating performance

• - Read this at SGinvestors.io -
• - Read this at SGinvestors.io -

• Management expects cash profit per tonne to increase materially from 2Q26 as the higher coal price environment flows through. RKAB approvals received in March 2026 support the FY26 production target of 11.5-12.5mt.

MBJ Integrated Infrastructure

• Read more at SGinvestors.io.

Alyssa Tee KGI Securities Research | https://www.kgieworld.sg/ 2026-05-18

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