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Rex International gets an 'outperfom' from KGI following higher oil prices

Amala Balakrishner
Amala Balakrishner3/14/2022 11:20 PM GMT+08  • 3 min read
Rex International gets an 'outperfom' from KGI following higher oil prices
Rex International is in the business of oil production and exploration and has concessions in Norway and Oman. Photo: Rex International
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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.

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