This comes on the back of increasing oil prices as well as a “steady” y-o-y oil production at 4,970 barrels of oil equivalent (boe) per day, meeting the analyst’s estimates.
UOB Kay Hian (UOBKH) analyst Adrian Loh has maintained his “buy” call on RH Petrogas (SGX:T13
) while lowering his target price from 24.2 cents to 23.1 cents despite the group’s strong 1HFY2024 ended June results.
In his Aug 21 note, Loh notes that the group’s profits after tax and minority interest (patmi) reported a three-fold increase to US$7.3 million ($9.15 million), which is in line with the analyst’s expectations.
