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.
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.
