Phillip Securiites on GEO ENERGY - Target Price: 0.75

FY25 revenue exceeded expectations, but earnings were below expectations due to a significant change in tax rate. FY25 revenue and PATMI were 113%/70% of our FY25e forecast. Effective tax rate spiked to 63% (vs estimate 22%) due to a new taxable income computation on local coal price indexation rather than realised coal prices.

Coal production in 2H25 jumped 20% YoY to 5.9mn. The new 92km US$190mn hauling road and jetty is currently 80% complete and will undergo testing and commissioning from April 2026. Commercial usage of the infrastructure is planned for August-September. We model a maiden 2.5mn coal to be shipped through the new infrastructure in 4Q26.

We maintain our FY26e earnings and BUY recommendation. Our DCF target price is raised to S$0.75 (prev. S$0.59) after lowering the infrastructure discount from 60% to 50%. Geo is on track for a trifecta boost in earnings from the rebound in coal prices, a doubling of coal production, and fee income from road usage and transportation fees. We forecast production to remain stable at 12mn MT in FY26e, then spike to 20mn MT in FY27e. Coal prices are recovering from the US$40s to the US$50s.

https://www.stocksbnb.com/reports/geo-energy-resources-ltd-going-for-the-trifecta-win/

Geo Energy Successfully Completes Share Placement Amid Strong Investor Interest, Raising Around S$15 Million to Strengthen the Group’s Capital Structure, Enhance Financial Flexibility and Broaden its Shareholder Base

Mr Charles Antonny Melati, Executive Chairman & Chief Executive Officer of Geo Energy, said:
“We are pleased that the share placement exercise has attracted strong investor interest, reflecting confidence in the Group’s capabilities and our ambition to grow into a billion-dollar market capitalisation energy group.

Our business strategy is executing as planned, with key projects and initiatives progressing on schedule. This progress, together with the additional capital from
the share placement, enhances our financial flexibility to accelerate value creation within our business model.

Looking ahead, we remain focused on strengthening our market position as a resilient, high-growth energy producer and regional infrastructure provider."

Geo Energy’s Integrated Infrastructure Project Achieves 80% Completion; Secures Two Binding Term Sheets with Third Parties for 9 Million Tonnes Annual Haulage; Coal Prices Surge Amid Global Tensions

- MBJ Integrated Infrastructure achieves 80% construction milestone, on track for completion in June/July 2026.

- At full capacity of around 50 million tonnes of haulage per annum, MBJ should be able to generate up to an additional US$300 million in EBITDA annually for the Group within a few years’ time. Geo Energy is well positioned to capture this new and robust recurring toll-based revenue stream and thereby enhancing long-term earnings resilience.

• Assuming coal production of 11.5 – 12.5 million tonnes at current coal prices, the Group would be able to generate between US$170 – US$200 million in EBITDA from its coal sales in 2026 alone (excluding MBJ infrastructure and marine logistics segments).

Geo Energy’s 34m-tonne bet: A road to US$300m EBITDA
https://sginvestorsedge.com/geo-energys-34m-tonne-bet-a-road-to-us300m-ebitda/?fbclid=IwdGRjcAQnGlljbGNrBCcaQ2V4dG4DYWVtAjExAHNydGMGYXBwX2lkDDM1MDY4NTUzMTcyOAABHvsaHJgohQgaix2UMb8LfVOoaB_qobPa1cQ2fQtzoPrjqxT4JMen-zZ4zNDB_aem_tl-77n-BtsjnbVmQ4uiX7g

KGI Securities - Geo Energy
Valuation & Action: We maintain our OUTPERFORM rating with a revised target price of S$1.02 (from S$0.76), based on a DCF valuation. The re-rating is driven by recovery in coal prices, improved confidence in earnings and the inclusion of MBJ infrastructure earnings as a core driver, with utilization ramping toward ~50Mt by 2030. The combination of infrastructure-led cost advantages, production scaling, and logistics integration provides a clear pathway for margin expansion and earnings growth into FY26 and beyond, despite incorporating more conservative tax assumptions under the HPB-linked regime.

Reclaims Global to Acquire Freehold B1 Industrial Property at Tagore Industrial Avenue
for S$20.5 Million
- Located at 464 Tagore Industrial Avenue, Singapore 787833, the freehold B1
industrial property is on a site area of 1,276.4m2 with an allowable gross floor area
of 2,552.8m2
- Currently, the freehold B1 industrial property has a approved gross floor area of
1,142.42m2 and the Group intends to hold this property for our own usage and as
a long-term investment.

Lincotrade rides bullish construction demand and data centre hype

The ongoing construction boom benefited not only construction players but also interior fit-out companies, as completed residential and commercial buildings require fit-out services before occupants can move in.

One of the many players poised to benefit from this trend would be Lincotrade & Associates. Established in 1991 as a small-scale renovation company, it now employs nearly 200 staff. According to its latest annual report for FY2025 ended June 30, 2025, the company has completed more than 200 projects since its establishment.

https://www.theedgesingapore.com/news/corporate-moves/lincotrade-rides-bullish-construction-demand-and-data-centre-hype

GEO ENERGY’s Transformation: Nothing like the past decade
https://www.nextinsight.net/story-archive-mainmenu-60/949-2026/16628-geo-energys-transformation-nothing-like-the-past-decade#google_vignette

KGI on GEO ENERGY: Execution-driven inflection amidst current coal upcycle

https://growbeansprout.com/gds-global-chairman

kopi-C with GDS Global Chairman: Enhancing infrastructure protection and safety with advanced shutter systems

AFP: Back to black: facing energy shock, Asia turns to coal
https://www.thedailystar.net/news/world/us-israel-war-iran/news/back-black-facing-energy-shock-asia-turns-coal-4134331

Geo Energy: Insider purchases at S$0.504 per share

Proposed Acquisition of North American Studio and Appointment of Gaming Industry Veteran as Chief Revenue Officer
Strategic step to accelerate business development efforts and expand market presence in Western markets, as well as strengthen leadership team

• Winking Studios has entered into a share purchase agreement to acquire 100 per cent. of Ampera.

• On completion, Claude Bordeleau, formerly a senior leader of Keywords Studios, will join the Group as Chief Revenue Officer.


• In connection with the Company’s North America expansion strategy, up to 35 million new ordinary shares in the issued share capital of the Company (“Ordinary Shares”) may be issued contingent upon the achievement of cumulative adjusted EBITDA of approximately US$33 million over the period from 2026 to 2031, and the Company’s volume weighted average price reaching specified targets annually, culminating to at least 54.6 pence (or approximately S$0.936 ) in 2031.

https://www.businesstimes.com.sg/companies-markets/institutions-pull-back-buybacks-and-insider-buying-persist

Geo Energy Resources: Insider buying, capital raising and infrastructure upside

On Mar 25, Huang She Thong, chairman and CEO of Geo Energy Indonesia, bought one million Geo Energy Resources : RE4 0% shares at S$0.504 each. This grew his holdings from 29.83 million shares to 30.83 million shares.

As a co-founder of the group, he oversees its Indonesian operations, setting country strategy and executing marketing initiatives to drive sales growth, expand the customer base and enhance financial performance. He was appointed chairman and CEO of Golden Eagle Energy on Oct 18, 2023, with overall responsibility for the business and management.

Separately, on Mar 9, 2026, group chief operating officer Philip Hendry and group chief financial officer Adam Tan also purchased Geo Energy Resources shares at S$0.475 apiece.

On Mar 16, Geo Energy Resources completed a 35-million-share placement at S$0.425 a share. Through this, it raised about S$15 million to strengthen its capital structure, enhance financial flexibility and broaden its shareholder base.

The funds are intended to support the execution of ongoing projects and growth initiatives, reinforcing the group’s strategy to scale as a resilient, high-growth Indonesian energy and infrastructure player.

On Mar 17, the company announced that the Marga Bara Jaya integrated infrastructure project is 80 per cent complete and on track to be finished in mid-2026.

Geo Energy Resources also said it had secured binding third-party haulage commitments of nine million tonnes annually to create a new, recurring toll-based revenue stream.

Meanwhile, higher coal prices support an outlook for US$170 million to US$200 million in 2026 coal sales earnings before interest, taxes, depreciation and amortisation (Ebitda).

The infrastructure upside could also lift group earnings materially over the medium term, by up to an additional US$300 million in annual Ebitda.

We are pleased to share highlights from Beng Kuang Marine's latest slides for Non-Deal Roadshow 2026, where the Group outlined its differentiated earnings model anchored on the FPSO lifecycle.

Beng Kuang Marine continues to position itself as a lifecycle execution partner, capturing recurring, compliance-driven revenue streams across offshore assets. With 19 active FPSOs and over 80% recurring revenue mix, the Group’s earnings profile is increasingly repeatable, sustainable, and predictable.

Key investment highlights include:

* Lifecycle-driven earnings model – Revenue is anchored to mandatory maintenance, regulatory compliance cycles, and asset ageing dynamics, rather than dependent on new contract wins
* Strong recurring revenue visibility – Multi-year revenue generated from the same FPSO assets, with over S$219 million in cumulative lifecycle revenue across core assets
* Structural growth tailwinds – Expansion in fleet size, geographic footprint, and service scope continues to deepen embedded presence across offshore operations
* Attractive market opportunity – A global base of over 400 FPSO/FSO assets, with ageing fleets and compliance requirements driving sustained lifecycle expenditure
* Margin resilience and earnings quality – Gross margins have expanded to 37.1%, supported by a strategic pivot towards higher-value lifecycle services, even amid revenue timing fluctuations
* Disciplined capital allocation – The ASOM acquisition enhances lifecycle exposure at attractive valuation multiples, supporting immediate earnings accretion

The Group’s strategy to deepen engagement with both FPSO operators and direct field owners further strengthens its long-term positioning, enhancing revenue visibility and margin profile.

As offshore assets continue to age and regulatory requirements intensify, Beng Kuang Marine remains well-positioned to capture structural, non-cyclical growth through its embedded role in lifecycle execution.

See full slides here: https://www.linkedin.com/feed/update/urn:li:activity:7444360836292276224

Fuxing Announces Dividend Policy; Targeting a Minimum 15% Annual Dividend Payout for Next Three Financial Years

• A target annual dividend payout of at least 15% of the Group’s profit attributable to equity holders of the Company as dividends in respect of the next three financial years ending 31 December 2026, 31 December 2027 and 31 December 2028

• For the financial year ended 31 December 2025, the Board has recommended the payment of final dividend of RMB0.15 per ordinary share amounting to a total of RMB 3,031,000 which represented distribution of approximately 15.0% of the Group’s profit attributable to equity holders of the Company of approximately RMB20.3 million for FY2025.

• As highlighted in its FY2025 announcement, the Group is targeting revenue growth and margin expansion through enhanced operational efficiency, utilising greater automation, and increased direct-to-brand sales.

Reclaims Global Limited has announced its financial results for FY2026, delivering a strong performance underpinned by steady demand across its core business segments.

The Group recorded a 4.8% year-on-year increase in revenue to S$46.5 million, while net profit rose 23.0% to S$6.8 million. This growth was driven primarily by stronger contributions from its Excavation Services and Logistics and Leasing segments, reflecting continued execution strength and operational discipline.

The Group’s balance sheet remains robust, with net assets increasing to S$47.2 million, supported by cash and cash equivalents of S$27.9 million and zero borrowings. Positive operating cash flows of S$3.1 million further underscore its disciplined cash management approach.

In line with its commitment to shareholder returns, Reclaims Global has proposed a final and special dividend of 1.0 cent per share. Together with the interim dividend of 0.5 cent per share, this brings total dividend payout for FY2026 to 54% of net profit attributable to shareholders.

Looking ahead, the Group remains well-positioned to benefit from sustained demand in Singapore’s construction sector, while advancing its strategy to strengthen its asset base through property investments and drive long-term value creation.

https://links.sgx.com/1.0.0/corporate-announcements/CDVNWLDR9AXGP5Q8/0f6de06e42b99b22f0651e54361cb28fbeea29312958b5d99496a247d708a79f

Geo Energy Makes Strategic Entry into High-Value Coking Coal Market; Signs Binding Term Sheet to Acquire Majority Stake in Concession Holder with Indicative 2P Reserves of 20 - 25 Million Tonnes of Hard Coking Coal

• Secures entry into premium hard coking coal market, a highly sought resource that commands a significant global price premium.
• Based on recent market prices, the Target Company’s coking coal will be able to achieve a selling price of approximately US$220–US$250 per tonne.
• With an estimated annual production of 2 million tonnes and a cash cost of approximately US$110 per tonne, the Target Company could generate cash profits of US$110–US$140 per tonne, translating to potential annual cash profits of US$220 million-US$280 million for the Group.