Announcement • Jun 09
Rex International Holding Limited Announces Board and Committee Changes, Effective June 8, 2026 Rex International Holding Limited had announced changes to the composition of the Board of Directors and Board Committees. Mr. Paul Baltensperger had been appointed as an Independent Non-Executive Director of the Company with effect from June 8, 2026. Mr. Baltensperger had also been appointed as a member of the Remuneration Committee and the Audit Committee. Consequential to the above appointment, the composition of the Board and each of the Board Committees of the Company were as follows: Directors: Pong Chen Yih, Independent Non-Executive Chairman; Mae Heng, Independent Non-Executive Director; Dr Mathias Lidgren, Non-Independent Non-Executive Director; Paul Baltensperger, Independent Non-Executive Director. Nominating Committee: Pong Chen Yih, Chairman; Mae Heng; Dr Mathias Lidgren. Remuneration Committee: Pong Chen Yih, Chairman; Mae Heng; Paul Baltensperger. Audit Committee: Mae Heng, Chairperson; Pong Chen Yih; Paul Baltensperger. New Risk • Jun 05
New major risk - Revenue and earnings growth Earnings have declined by 63% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (17% average weekly change). Negative equity (-US$94m). Earnings have declined by 63% per year over the past 5 years. Minor Risk Market cap is less than US$100m (S$100.5m market cap, or US$78.2m). Announcement • Apr 02
Rex International Holding Limited, Annual General Meeting, Apr 24, 2026 Rex International Holding Limited, Annual General Meeting, Apr 24, 2026, at 15:00 Singapore Standard Time. Location: alexander room, level 2, parkroyal collection pickering, 3 upper pickering street, singapore 058289, Singapore New Risk • Mar 25
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: S$113.9m (US$89.1m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (14% average weekly change). Negative equity (-US$94m). Minor Risk Market cap is less than US$100m (S$113.9m market cap, or US$89.1m). New Risk • Mar 10
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Singaporean stocks, typically moving 8.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Negative equity (-US$94m). Minor Risk Share price has been volatile over the past 3 months (8.6% average weekly change). New Risk • Mar 03
New major risk - Negative shareholders equity The company has negative equity. Total equity: -US$94m This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. This is currently the only risk that has been identified for the company. Reported Earnings • Mar 03
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: US$0.10 loss per share (further deteriorated from US$0.032 loss in FY 2024). Revenue: US$319.7m (up 7.0% from FY 2024). Net loss: US$133.3m (loss widened 225% from FY 2024). Revenue missed analyst estimates by 4.8%. Earnings per share (EPS) also missed analyst estimates by 66%. Revenue is forecast to grow 6.4% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Energy Services industry in Asia. Over the last 3 years on average, earnings per share has fallen by 61% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. New Risk • Feb 23
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. This is currently the only risk that has been identified for the company. Announcement • Feb 19
Rex International Holding Limited to Report Fiscal Year 2025 Results on Feb 27, 2026 Rex International Holding Limited announced that they will report fiscal year 2025 results on Feb 27, 2026 Announcement • Jan 27
Rex International Holding Limited has filed a Follow-on Equity Offering in the amount of SGD 5.731859 million. Rex International Holding Limited has filed a Follow-on Equity Offering in the amount of SGD 5.731859 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 40,082,930
Price\Range: SGD 0.143
Security Features: Attached Warrants
Transaction Features: Subsequent Direct Listing Announcement • Jan 12
Akrake Petroleum Benin S.A. Expects to Start Production at the Seme Field in Block 1, Benin in End-January 2026 Rex International Holding Limited announced that Rex's indirect subsidiary Akrake Petroleum Benin S.A. is expected to start production at the Seme Field in Block 1, Benin in end-January 2026; upon the completion of the drilling of the production well AK-2H in the reservoir section, which is expected to start early in the week of 12 January 2026. Meanwhile, the mobile offshore production unit (MOPU) Stella Energy 1 and the floating storage & offloading unit (FSO) Kristina have already been upgraded and put on location ready for production. Akrake Petroleum's drilling campaign comprised an exploration well (AK -1P) to get more information about deeper, not-produced, hydrocarbon bearing reservoirs (H7 and H8) within the Seme Field, and two horizontal production wells (AK-1H and AK-2H) in the H6 reservoir unit. Drilling operations in the geomechanically unstable shale layers in the overburden above the reservoir have proven to be more challenging than anticipated, resulting in significant delays due to several stuck pipe incidents, necessitating redrilling of the overburden section. The drilling team used new geo-mechanical data, obtained from the current drilling operations, to optimise the drilling parameters and have successfully drilled through the challenging overburden in the AK-2H production well. After the AK-2H well is put on production, drilling operations on the other two wells will be suspended, as the contract period for the jack-up drilling rig Borr Gerd comes to an end. The forward plan is to have a new drilling rig later in 2026 to finalise the drilling campaign. With production data from AK-2H, the possibility of drilling an additional production well in the H6 reservoir in this second drilling campaign will also be evaluated. New Risk • Nov 15
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$87m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risk Less than 1 year of cash runway based on free cash flow trend (-US$87m free cash flow). Minor Risk Currently unprofitable and not forecast to become profitable over next 3 years (US$30m net loss in 3 years). Price Target Changed • Oct 23
Price target increased by 52% to S$0.32 Up from S$0.21, the current price target is provided by 1 analyst. New target price is 85% above last closing price of S$0.17. Stock is up 42% over the past year. The company is forecast to post a net loss per share of US$0.022 next year compared to a net loss per share of US$0.032 last year. Buy Or Sell Opportunity • Aug 29
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 38% to S$0.18. The fair value is estimated to be S$0.15, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last 3 years. Meanwhile, the company became loss making. For the next 3 years, revenue is forecast to decline by 4.8% per annum. Earnings are forecast to grow by 9.7% per annum over the same time period. Buy Or Sell Opportunity • Aug 14
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 41% to S$0.18. The fair value is estimated to be S$0.15, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last 3 years. Meanwhile, the company became loss making. For the next 3 years, revenue is forecast to decline by 4.8% per annum. Earnings are forecast to grow by 9.7% per annum over the same time period. Reported Earnings • Aug 13
First half 2025 earnings released: US$0.019 loss per share (vs US$0.007 loss in 1H 2024) First half 2025 results: US$0.019 loss per share (further deteriorated from US$0.007 loss in 1H 2024). Revenue: US$154.5m (down 2.6% from 1H 2024). Net loss: US$24.2m (loss widened 180% from 1H 2024). Revenue is expected to decline by 4.8% p.a. on average during the next 3 years, while revenues in the Energy Services industry in Asia are expected to grow by 6.6%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 74 percentage points per year, which is a significant difference in performance. New Risk • Aug 08
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 3 years. Trailing 12-month net loss: US$57m Forecast net loss in 3 years: US$30m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (US$30m net loss in 3 years). Share price has been volatile over the past 3 months (9.9% average weekly change). Buy Or Sell Opportunity • Jul 18
Now 27% overvalued after recent price rise Over the last 90 days, the stock has risen 80% to S$0.19. The fair value is estimated to be S$0.15, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Meanwhile, the company became loss making. For the next 3 years, revenue is forecast to decline by 3.9% per annum. Earnings are forecast to grow by 2.9% per annum over the same time period. Announcement • Jul 08
Rex International Holding Limited Provides Update on the Brage Field in Norway Rex International Holding Limited shared updates on the Brage Field in Norway, in which its indirect subsidiary Lime Petroleum AS ("Lime") holds a 33.8434 per cent interest. OKEA ASA, the operator of the producing Brage Field, has spudded an exploration well in the field. This follows from the Norwegian Offshore Directorate's announcement on 30 June 2025 that it had granted permission for the wildcat well to be drilled. The exploration well, to be drilled in the southern part of the Talisker discovery, aims to test hydrocarbon presence in geological layers that have not been penetrated before. If successful, its results will help to determine the limits of the accumulation and saturation in the area. This exploration well is the first of three consecutive wells to be drilled in the same campaign by the rig on the Brage platform. The two subsequent wells will comprise another exploration well and a new production well. In May 2025, exploration and delineation drilling along the eastern flank of the Brage Field resulted in a discovery in the southern part of the Prince prospect. Preliminary estimates place the size of the discovery between 1.9 to 17.5 million barrels of oil equivalents (mmboe) in place. With preliminary estimates for recovery factor, this corresponds to between 0.3 to 2.8 mmboe. The discovery is being assessed as part of the further development of the Brage Field. The Brage Unit partnership comprises OKEA ASA (operator 35.2%), Lime (33.8434%), DNO Norge AS (14.2567%), Petrolia NOCO AS (12.2575%), and M Vest Energy AS (4.4424%). Buy Or Sell Opportunity • Jul 01
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 35% to S$0.18. The fair value is estimated to be S$0.15, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Meanwhile, the company became loss making. For the next 3 years, revenue is forecast to decline by 3.9% per annum. Earnings are forecast to grow by 2.9% per annum over the same time period. New Risk • Apr 07
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: S$131.5m (US$97.6m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 44% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Market cap is less than US$100m (S$131.5m market cap, or US$97.6m). New Risk • Apr 02
New major risk - Revenue and earnings growth Earnings have declined by 44% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 44% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (9.6% average weekly change). Announcement • Mar 27
Rex International Holding Limited, Annual General Meeting, Apr 25, 2025 Rex International Holding Limited, Annual General Meeting, Apr 25, 2025, at 15:00 Singapore Standard Time. Location: alexander room, level 2, parkroyal collection pickering, 3 upper pickering street, singapore 058289, Singapore Breakeven Date Change • Mar 03
Forecast breakeven date pushed back to 2025 The analyst covering Rex International Holding previously expected the company to break even in 2024. New forecast suggests the company will make a profit of US$3.45m in 2025. Earnings growth of 141% is required to achieve expected profit on schedule. New Risk • Feb 23
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Share price has been volatile over the past 3 months (9.2% average weekly change). New Risk • Feb 21
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Singaporean stocks, typically moving 9.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Announcement • Feb 20
Rex International Holding Limited to Report Fiscal Year 2024 Results on Mar 01, 2025 Rex International Holding Limited announced that they will report fiscal year 2024 results at 5:00 PM, Singapore Standard Time on Mar 01, 2025 Price Target Changed • Nov 05
Price target decreased by 62% to S$0.08 Down from S$0.21, the current price target is provided by 1 analyst. New target price is 29% below last closing price of S$0.11. Stock is down 33% over the past year. The company posted a net loss per share of US$0.049 last year. Reported Earnings • Aug 13
First half 2024 earnings released: US$0.007 loss per share (vs US$0.002 profit in 1H 2023) First half 2024 results: US$0.007 loss per share (down from US$0.002 profit in 1H 2023). Revenue: US$158.7m (up 48% from 1H 2023). Net loss: US$8.64m (down 383% from profit in 1H 2023). Revenue is expected to decline by 21% p.a. on average during the next 3 years, while revenues in the Energy Services industry in Asia are expected to grow by 7.7%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 99 percentage points per year, which is a significant difference in performance. New Risk • Jul 30
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: S$134.1m (US$99.8m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. This is currently the only risk that has been identified for the company. Buy Or Sell Opportunity • May 29
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 1.5% to S$0.14. The fair value is estimated to be S$0.11, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 29% over the last 3 years. Earnings per share has declined by 69%. Announcement • Apr 26
Rex International Holding Limited Announces the Reconstitution of the Board and Board Committees Rex International Holding Limited announced the reconstitution of the Board and Board Committees, pursuant to its most recent Board renewal initiatives. The following re-designations take effect from 25 April 2024, upon conclusion of the Company's Annual General Meeting for the financial year ended 31 December 2023: Mr. John d'Abo has been re-designated from Executive Vice Chairman to Executive Chairman. Following the redesignation of Mr. d'Abo, he will become a member of the Remuneration and Audit Committees. For the purposes of Listing Rule 704(8), the Board does not consider Mr. d'Abo to be independent; and Mr. Pong Chen Yih has been redesignated from Independent Director to Lead Independent Director. He will also be appointed as chairman of the Nominating and Remuneration Committees, and a member of the Audit Committee. The Board considers Mr. Pong to be independent for the purpose of Listing Rule 704(8); and Ms. Mae Heng has been appointed as a member of the Nominating Committee. Consequential to the above, the composition of the Board and each of the Board Committees of the Company are as follows: Directos: John d'Abo, Executive Chairman, Pong Chen Yih, Lead Independent Director, Mae Heng, Independent Director,Beverley Smith, Independent Director, Dr. Mathias Lidgren, Non-Independent Non-Executive Director. BOARD COMMITTEES: Nominating Committee:, Pong Chen Yih, Chairman, Mae Heng, Dr. Mathias Lidgren. Remuneration Committee: Pong Chen Yih, Chairman, Mae Heng, John d'Abo. Audit Committee: Mae Heng, Chairperson, Pong Chen Yih, John d'Abo. The Company has established the Audit Committee comprising three members, the majority of whom, including the Chairman of the AC, are independent. Buy Or Sell Opportunity • Apr 20
Now 22% overvalued Over the last 90 days, the stock has fallen 17% to S$0.14. The fair value is estimated to be S$0.11, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 29% over the last 3 years. Earnings per share has declined by 69%. Buy Or Sell Opportunity • Apr 01
Now 23% overvalued Over the last 90 days, the stock has fallen 27% to S$0.14. The fair value is estimated to be S$0.11, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 29% over the last 3 years. Earnings per share has declined by 69%. Reported Earnings • Mar 29
Full year 2023 earnings released: US$0.049 loss per share (vs US$0.001 loss in FY 2022) Full year 2023 results: US$0.049 loss per share (further deteriorated from US$0.001 loss in FY 2022). Revenue: US$207.0m (up 22% from FY 2022). Net loss: US$63.9m (loss widened US$62.9m from FY 2022). Revenue is expected to decline by 13% p.a. on average during the next 3 years, while revenues in the Energy Services industry in Asia are expected to grow by 9.3%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 58 percentage points per year, which is a significant difference in performance. Recent Insider Transactions • Mar 06
Executive Chairman recently bought S$136k worth of stock On the 5th of March, Dan Broström bought around 991k shares on-market at roughly S$0.14 per share. This transaction amounted to 8.8% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Dan's only on-market trade for the last 12 months. Reported Earnings • Feb 29
Full year 2023 earnings released: US$0.049 loss per share (vs US$0.001 loss in FY 2022) Full year 2023 results: US$0.049 loss per share (further deteriorated from US$0.001 loss in FY 2022). Revenue: US$207.0m (up 22% from FY 2022). Net loss: US$63.9m (loss widened US$62.9m from FY 2022). Revenue is expected to decline by 6.5% p.a. on average during the next 3 years, while revenues in the Energy Services industry in Asia are expected to grow by 9.8%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 61 percentage points per year, which is a significant difference in performance. New Risk • Feb 27
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings are forecast to decline by an average of 51% per year for the foreseeable future. Minor Risk Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Announcement • Feb 14
Rex International Holding Limited to Report Fiscal Year 2023 Results on Feb 29, 2024 Rex International Holding Limited announced that they will report fiscal year 2023 results on Feb 29, 2024 Announcement • Oct 27
Rex International Holding Limited Announces New Discovery in Brage Field to Add Up to 1 Mmbbl Oil Reserves Net to SubsidiaryLime Petroleum AS Rex International Holding Limited announced that between 0.2 and 0.5 million Sm3 of recoverable oil (or 1.25 to 3.1 mmbbl of recoverable oil) was proven in connection with the drilling of a production well in the Brage Field, located in the northern part of the North Sea, by operator OKEA ASA. Rex's 91.65% subsidiary Lime Petroleum AS ("LPA") holds a 33.8434% interest in the Brage Field. As such, the discovery will add 0.4 to 1 mmbbl of oil reserves in the Brage Field net to LPA. The well was drilled from the platform on the Brage Field, which has been producing since 1993. Thefield was proven in 1980 in reservoir rocks in the Statfjord and Brent Group and in the Fensfjord and Sognefjord Formation. The Brage Field is developed utilising an integrated production, drilling and living quarters facility with a steel jacket. The oil is transported by pipeline to the Oseberg field and onward in the Oseberg Transport System (OTS) pipeline to the Sture terminal. A gas pipeline is connected to the Statpipe pipeline system. Recent Insider Transactions • Sep 21
Chief Operating Officer recently sold S$1.0m worth of stock On the 19th of September, Svein Helge Kjellesvik sold around 5m shares on-market at roughly S$0.20 per share. This transaction amounted to 6.4% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Svein Helge's only on-market trade for the last 12 months. Board Change • Sep 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Non-Executive Director Chen Yih Pong was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. New Risk • Aug 31
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 51% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings are forecast to decline by an average of 51% per year for the foreseeable future. Reported Earnings • Aug 14
First half 2023 earnings released: EPS: US$0.002 (vs US$0.004 in 1H 2022) First half 2023 results: EPS: US$0.002 (down from US$0.004 in 1H 2022). Revenue: US$106.9m (up 7.5% from 1H 2022). Net income: US$3.06m (down 37% from 1H 2022). Profit margin: 2.9% (down from 4.9% in 1H 2022). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 6.5% p.a. on average during the next 3 years, while revenues in the Energy Services industry in Asia are expected to grow by 9.9%. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Announcement • Aug 01
Rex International Holding Limited Announces Board Changes, Effective 1 August 2023 The board of directors of Rex International Holding Limited refers to the announcements made by the company on 1 August 2023 pursuant to Rule 704(7)(a) of the Listing Manual of the Singapore Exchange Securities Trading Limited, containing the information required under the Appendix 7.4.1 of the Listing Manual in respect of the following appointments: Appointment of directors: Ms. Beverley Smith has been appointed as an independent non-executive director of the company with effect from 1 August 2023; Mr. Pong Chen Yih has been appointed as an independent non-executive director of the company with effect from 1 August 2023. Following his appointment to the board, Mr. Pong will be appointed as a member of the Nominating Committee. Redesignation Of Director And Changes To The Board And Board Committees: The following redesignations take effect from 1 August 2023: Mr. John d'Abo has been redesignated from Independent Non-Executive Director to Executive Vice Chairman. Following the redesignation of Mr. d'Abo, he will cease to be a member of the nominating committee and the remuneration committee; and Ms. Mae Heng will be appointed as a member of the Remuneration Committee. Consequential to the above appointments and redesignations, the composition of the Board and each of the Board Committees of the Company are as follows: Board Committees: Nominating Committee: Sin Boon Ann, Chairman; Dr. Karl Lidgren; Dr. Mathias Lidgren; Pong Chen Yih. Remuneration Committee: Sin Boon Ann, Chairman; Dan Broström; Mae Heng. Audit Committee: Mae Heng, Chairperson; Sin Boon Ann; Dan Broström. Reported Earnings • Mar 31
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: US$0.001 loss per share (down from US$0.052 profit in FY 2021). Revenue: US$170.3m (up 7.4% from FY 2021). Net loss: US$1.00m (down 101% from profit in FY 2021). Revenue missed analyst estimates by 26%. Earnings per share (EPS) were also behind analyst expectations. Revenue is expected to decline by 22% p.a. on average during the next 3 years, while revenues in the Energy Services industry in Asia are expected to grow by 10%. Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 02
Full year 2022 earnings released: US$0.001 loss per share (vs US$0.052 profit in FY 2021) Full year 2022 results: US$0.001 loss per share (down from US$0.052 profit in FY 2021). Revenue: US$170.3m (up 7.4% from FY 2021). Net loss: US$1.00m (down 101% from profit in FY 2021). Revenue is expected to decline by 5.6% p.a. on average during the next 3 years, while revenues in the Energy Services industry in Asia are expected to grow by 11%. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Announcement • Feb 11
Rex International Holding Limited Announces Minor Discovery Has Been Made in the PL867 Gjegnalunden Well Rex International Holding Limited announced that a minor discovery has been made in the PL867 Gjegnalunden well. The operator, Aker BP, which holds the remaining interests in the licence, is concluding operations and permanently plugging the well, which is customary for exploration wells in Norway. The well is some 12 km north of the Ivar Aasen field in the Norwegian North Sea, 187 km southwest of the city of Haugesund. The dual objective of the Gjegnalunden well was mainly to prove hydrocarbons in Middle Jurassic reservoir rocks of the Hugin and Sleipner formations and secondly, to prove hydrocarbons in reservoir rocks in the deeper Triassic Skagerrak Formation. The well encountered a thin oil column of approximately 3m in the Hugin Formation, in moderate quality reservoir sandstone. An oil-water contact was proven at 3,654m True Vertical Depth Sub Sea (TVDSS). In addition, there were indications of hydrocarbons both above and below this column, in the Hugin and Sleipner formations respectively. The well was drilled to a vertical depth of 4,057m below sea level (4,150m measured depth). Preliminary volume calculations made by the operator indicate between 0.5 and 1.4 million Sm3 of recoverable oil equivalents. LPA's initial volume calculations suggest potential for a larger accumulation. Buying Opportunity • Jan 27
Now 21% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be S$0.28, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 98% over the last 3 years. Earnings per share has grown by 48%. For the next 3 years, revenue is forecast to grow by 2.8% per annum. Earnings is forecast to decline by 50% per annum over the same time period. Price Target Changed • Nov 16
Price target decreased to S$0.47 Down from S$0.58, the current price target is an average from 2 analysts. New target price is 98% above last closing price of S$0.24. Stock is down 28% over the past year. The company is forecast to post earnings per share of US$0.032 for next year compared to US$0.052 last year. Reported Earnings • Aug 13
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (down US$23.9m from profit in 1H 2021). Profit margin: (down from 32% in 1H 2021). Over the next year, revenue is expected to shrink by 14% compared to a 14% growth forecast for the industry in Singapore. Over the last 3 years on average, earnings per share has increased by 48% per year whereas the company’s share price has increased by 53% per year. Major Estimate Revision • Jul 06
Consensus revenue estimates fall by 26% The consensus outlook for revenues in 2022 has deteriorated. 2022 revenue forecast decreased from US$199.7m to US$147.9m. EPS estimate fell from US$0.06 to US$0.04 per share. Net income forecast to shrink 12% next year vs 46% growth forecast for Energy Services industry in Singapore . Consensus price target down from S$0.58 to S$0.45. Share price fell 8.9% to S$0.26 over the past week. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 4 highly experienced directors. Independent Non-Executive Director Chris Atkinson was the last director to join the board, commencing their role in 2015. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 03
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: US$0.052 (up from US$0.011 loss in FY 2020). Revenue: US$158.5m (up 240% from FY 2020). Net income: US$67.2m (up US$81.4m from FY 2020). Profit margin: 42% (up from net loss in FY 2020). Revenue missed analyst estimates by 9.0%. Earnings per share (EPS) also missed analyst estimates by 22%. Over the next year, revenue is forecast to grow 43%, compared to a 16% growth forecast for the industry in Singapore. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has increased by 63% per year, which means it is tracking significantly ahead of earnings growth. Major Estimate Revision • Mar 08
Consensus EPS estimates increase by 35% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from US$158.9m to US$168.7m. EPS estimate increased from US$0.05 to US$0.07 per share. Net income forecast to grow 42% next year vs 35% growth forecast for Energy Services industry in Singapore. Consensus price target up from S$0.49 to S$0.54. Share price rose 11% to S$0.46 over the past week. Reported Earnings • Mar 01
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: US$0.052 (up from US$0.011 loss in FY 2020). Revenue: US$158.5m (up 240% from FY 2020). Net income: US$67.2m (up US$81.4m from FY 2020). Profit margin: 42% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Revenue missed analyst estimates by 9.0%. Earnings per share (EPS) also missed analyst estimates by 22%. Over the next year, revenue is forecast to grow 1.3%, compared to a 18% growth forecast for the industry in Singapore. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has increased by 77% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Nov 10
Price target increased to S$0.49 Up from S$0.44, the current price target is an average from 3 analysts. New target price is 41% above last closing price of S$0.35. Stock is up 148% over the past year. The company is forecast to post earnings per share of US$0.066 next year compared to a net loss per share of US$0.011 last year. Price Target Changed • Oct 11
Price target increased to S$0.41 Up from S$0.36, the current price target is an average from 2 analysts. New target price is 55% above last closing price of S$0.27. Stock is up 85% over the past year. Reported Earnings • Mar 27
Full year 2020 earnings released: US$0.011 loss per share (vs US$0.015 profit in FY 2019) The company reported a decent full year result with improved revenues, although earnings and control over costs were weaker. Full year 2020 results: Revenue: US$46.7m (up US$46.5m from FY 2019). Net loss: US$14.2m (down 173% from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 53% per year, which means it is well ahead of earnings. Analyst Estimate Surprise Post Earnings • Mar 01
Revenue and earnings miss expectations Revenue missed analyst estimates by 12%. Earnings per share (EPS) also missed analyst estimates by 33%. Over the next year, revenue is forecast to grow 159%, compared to a 12% growth forecast for the Energy Services industry in Singapore.