Analysts from KGI Group Research are maintaining their “outperform” stand on Rex International at a slightly higher target price of 54 cents.
This is up 14 cents from their previous 40 cent call and is expected to give the counter a 39.3% upside from its 39-cent price on Mar 10, analysts Joel Ng and Chen Guangzhi write in a research note.
Their move comes as Rex International is seen to be “rolling like the good old times,” as oil prices tend upwards. For one, the company posted net profits of US$78.9 million ($107.6 million) in its FY2021 ended Dec 31 2021 oil prices per barrel averaged at US$67.
For more insights on corporate trends...
Sign In or Create an account to access our premium content.
Subscription Entitlements:
Less than $9 per month
Unlimited access to latest and premium articles
3 Simultaneous logins across all devices
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)