Geo Energy: Two global giants have priced this stock but the Market hasn’t

https://sginvestorsedge.com/geo-energy-two-global-giants-have-priced-this-stock-but-the-market-hasnt/?fbclid=IwdGRjcAR4sT5jbGNrBHixO2V4dG4DYWVtAjExAHNydGMGYXBwX2lkDDM1MDY4NTUzMTcyOAABHkpN1wAN7piFxgn2Mqj5AGKCuPBwp3G9syqkU782cTzhMXZGZAkxF0QVOwrc_aem_RfNFJYITxF5qzBcYstK-hA

KGI: We reiterate our OUTPERFORM rating on Raffles Education, with a 12-month fully diluted target price of S$0.32 previously S$0.34, implying 143.5% upside from current levels.

*ASL Marine (ASL SP/TP UNDER REVIEW)*
By Heidi Mo UOBKH
 
_9MFY26 Results First Take: Slightly Above Expectations_
 
*ASL's 9MFY26 net profit surged 176% yoy to S$25.4m,* forming 78% of our full-year forecasts and *slightly above our expectations*, driven by margin expansion and lower finance costs.
 
*Gross margin improved to 19% (+3ppt yoy),* led by stronger ship chartering margins (18%), while *finance costs declined by S$10m* on continued deleveraging.
 
*9MFY26 revenue was resilient at S$271m (+2% yoy),* with growth driven by ship chartering and repair, partially offset by lower shipbuilding revenue in line with the group's *strategic shift toward more recurring, service-led earnings*.

The stock currently trades at 10.6x FY27F PE. Will provide further update after the briefing tomorrow.

https://links.sgx.com/1.0.0/corporate-announcements/WQ65D2B16LI6I7A2/7c9327122a467fce1d25aee57c7e51188bad379c704ab72d1b744229b3828a6a

*ASL MARINE*

- 9MFY26 Revenue and Profit forms c.73% and c.77% of our full year targets; NPAT on track to beat our forecasts in FY26
- Results driven by improved business and decreased costs as overall GPM +3p.p to 19% (Ship Repair GPM continues to trend >20%, Ship Chartering GPM improving to 18%), while finance costs declined $10mln
- Deleveraging effects are starting to show. FY27F results probably will see further improvements from deleveraging , lower holding/depre costs amidst better chartering rates and increased ship repair activity
- Maintain BUY recommendation on ASL Marine.

Regards
Nicholas Yon
LTS

*RAFFLES EDUCATION LIMITED (RLS SP / NR7.SI): Capital restructure delivered, turnaround on tract* 🎓📈

In this video, we discuss the investment case for *Raffles Education* and the key themes shaping its outlook.

*9M26 profitability improved sharply*, with *PAT surging 274% YoY to S$24.18mn* on asset monetisation. While *revenue declined 5% YoY to S$81.14mn*, *aggressive deleveraging reduced total borrowings by 59% YoY to S$84.99mn*, with standalone bank borrowings at zero.

*What should investors watch next?*
We break down how balance sheet repair, ASEAN K–12 expansion, and a lower corporate risk profile can support an operational turnaround.

*Watch the full video:*
➡️ https://www.kgieworld.sg/research/video-raffles-education-limited_WA

*Take your trading journey to the next level by subscribing:*
➡️ https://www.kgieworld.sg/research/kgi-subscribe_WA

The Assembly Place Continues Portfolio Expansion; Unveils Singapore’s First AI-Powered Co-Living Development with Dedicated AI Lab

Geo Energy: The Group’s fundamentals remain strong. Our current production, logistics, customer relationships, and export activities continue as normal. We continue to make steady progress on our MBJ Integrated Infrastructure, with successful truck trials completed last week and on track to commence operations in the second half of 2026. Coal prices remain strong, with ICI4 at US$64.43 per tonne as of 22 May 2026. The Group will continue to execute its growth strategy and operational plans in a disciplined manner while remaining agile and responsive to evolving regulatory and policy developments.

Following a 27% fall in the stock's price recently, Lim & Tan Securities today maintains a bullish stance on Geo, pointing to a disconnect between the company's current share price (47 cents) and its intrinsic value.

The brokerage highlighted that the consensus target price stands at S$0.93.

Lim & Tan's investment thesis is rooted in the company's financial metrics and massive infrastructure assets.

Geo Energy currently has a market capitalization of S$890 million, trading at attractive multiples of 10x forward PE and 1.1x PB, along with a dividend yield of 0.8%.

Lim & Tan points out that "Geo continues to benefit from elevated coal prices."

https://www.nextinsight.net/story-archive-mainmenu-60/949-2026/16727-geo-energy-a-value-play-amidst-shifting-indonesian-export-policies-says-broker

Geo Energy: Insider Purchases by Independent Director, Vincent Tai:
https://geoenergy.listedcompany.com/newsroom/20260525_173348_RE4_EYO5B4HZQZQ1PVQT.1.pdf

Skylink Holdings Continues Growth Momentum;
Posts Strong Post-RTO Performance in Inaugural Full-Year Results;
Proposed Dividend of 0.55 SG cents per Share

Lincotrade Secures New Projects with
an Aggregate Contract Value of S$16.8 Million in 3Q2026;
Order Book Strengthens to S$107.0 Million
• Secured 7 new commercial projects in Singapore with an aggregate contract value of S$16.8 million (including a public sector project with a contract value of S$8.2 million) during the period from 1 January 2026 to 31 March 2026.
• Outstanding order book strengthened to S$107.0 million as at 31 March 2026, providing healthy revenue visibility over the next two years.
• New Tuas Facility is expected to enhance operational efficiency with dormitory operations creating additional recurring income opportunities.

The Assembly Place and TS Home to Transform the Historic Phoenix Park in the Tanglin Enclave into Singapore’s Largest Community Living Destination with an Integrated Wellness, F&B, and Sports Lifestyle Ecosystem

- This Phoenix Park site is set to be transformed into Singapore’s largest co-living destination, with over 700 keys, alongside an integrated wellness, F&B, and sports lifestyle ecosystem, representing the most ambitious co-living sector development in Singapore to date.

- Reinforcing TAP’s asset-light, co-investment strategy, this joint venture marks TAP’s third major collaboration with TS Home, following previous projects including Singapore’s first intergenerational co-living residence at the former Henderson Primary School, alongside three MOHH-related sites for foreign healthcare professionals' accommodation.

- Together with TAP’s existing operational portfolio of over 3,400 keys across 100 locations and close to 1,500 keys in the pipeline, the addition of Phoenix Park (over 700 keys) further strengthens the Group’s trajectory towards its target of 10,000 keys by end-2030.

The Assembly Place and TS Home to Transform the Historic Phoenix Park in the Tanglin Enclave into Singapore’s Largest Community Living Destination with an Integrated Wellness, F&B, and Sports Lifestyle Ecosystem