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RH PetroGas
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Oil and Gas counters are volatile
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ozone2002
Supreme |
27-Dec-2022 18:40
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Very promising company, with great set of financials   Key Statistics
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ozone2002
Supreme |
27-Dec-2022 18:37
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RH Petrogas (RHP SP) Inexpensive Upstream Oil Company With Drilling Catalysts In 2023 Wednesday, 14 December 2022 NOT RATED Share Price S$0.189 Target Price n.a. Upside n.a. COMPANY DESCRIPTION RH Petrogas Limited is an independent oil and gas company with two production assets onshore Indonesia. As at end-1H22, it had 34.6mmboe of 2P reserves with over 90% of this being oil.   RH Petrogas is an Indonesia-focused oil & gas company with two assets in West Papua.   In the last five years, RHP has performed well operationally, with growth in its oil   production, and good cost control. Importantly, the company has grown its reserves   over the 2017-22 period without any acquisitions. With nearly 91% oil production, RHP   is very leveraged to oil prices. The company currently trades on an EV/boe of   US$1.88/boe and 2022 ex-cash PE of 2.6x. WHAT&rsquo S NEW &bull &bull &bull &bull &bull KEY FINANCIALS Year to 31 Dec (S$m) Net turnover EBITDA 13.4 14.8 STOCK DATA GICS sector Bloomberg ticker Shares issued (m): Market cap (S$ m): Market cap (US$ m): 3-mth avg t' over (US$ m): Price Performance (%) Industrial RHP SP 834.2 157.8 112.7 1.0 S$0.430/S$0.143   An oil & gas company focused on Indonesia. Over the past five years, RH Petrogas   (RHP) has undergone asset rationalisation and sold off two of its assets &ndash one high-cost oil   production asset in China, and another exploration asset in Malaysia. As a result, it currently   only has two producing assets in Indonesia: the Kepala Burung Production Sharing Contract   (PSC) and the Salawati PSC, both of which are located onshore West Papua. RHP owns   70% of these PSCs while its 30% partner is Indonesia&rsquo s national oil company, Pertamina.   Strong execution ability. Unlike other SGX-listed oil & gas companies, RHP has shown   very good execution ability in the past five years with 5% production CAGR over the 2017-21   period while its operating costs per barrel of oil equivalent (boe) has declined by 2% CAGR   over the same period. Importantly, its 2P oil and gas reserves have grown by 18% and 37%   CAGR over the same period to 31.4mmbbl and 19.2bcf respectively as at 1 Jan 22. As at the   beginning of 2022, its reserves-to-production ratio was just over 20 years.   Potential positive newsflow in 2023. RHP plans to drill three wells in 2023, one exploration   well in each of its PSCs, as well as one development well in the Kepala Burung PSC in   2023. According to the company, its seismic data indicates that its exploration well at Kepala   Burung will target over 1tcf of natural gas which would be material to a company of RHP&rsquo s   size. Given its net cash position, we believe RHP may also look to acquire or farm into   prospective assets in the Asian region.   Appears inexpensive on various metrics. Based on annualised 1H22 EPS as reported by   the company, RHP trades at a PE of 4.5x however given its large cash holdings as at 30   Jun 22, its PE on an ex-cash basis would be 2.6x. In 1H22, RHP generated an ROE of 99%   and free cash flow of US$2.3m. Interest cover (x) 29.9 ROE (%) n.a. Source: RH Petrogas, Bloomberg, UOB Kay Hian 11.2 n.a. 2018 2019 2020 2021 1H22 50.5 82.5 56.7 10.1 49.1 29.4 (0.4) 43.8 26.8 (3.7) 23.6 12.4 (3.7) 23.6 12.4 -0.51 3.20 1.49 n.a. 4.2 9.0 n.a. 5.9 3.6 6.9 1.4 1.2 0.0 0.0 0.0 (7.4) 28.6 21.9 (72.4) (180.2) (151.7) 7.0 29.9 45.6 n.a. n.a. 98.9 52-week high/low 1mth 3mth (6.7) (9.5) Major Shareholders Woodsville International Sharptone Investments Ltd RH Capital NAV/Share (US$) Net Cash/Share (US$) PRICE CHART (lcy) RHPETROGAS LTD 0.45 0.40 0.35 0.30 0.25 0.20 0.15 0.10 100 Volume (m) 50 6mth (35.4) 1yr 14.6 YTD 11.0 % 36.25 15.94 13.24 0.04 0.06   Key initiatives to strengthen the company in 2021. One of the key initiatives that   strengthened RHP&rsquo s balance sheet occurred in 3Q21 when the company&rsquo s major   shareholders converted their interest-free shareholder loans amounting to US$15.5m into   equity in the company at a price of S$0.172/share. As a result, RHP&rsquo s negative equity   position at end-20 turned positive: as at end-1H22, the company had no debt and US$51m   in cash, equivalent to S$0.08/share or 42% of its current share price. RHPETROGAS LTD/FSSTIINDEX (%) 270 240 210 180 150 120 90 60   Operating profit Net profit (rep./act.) Net profit (adj.) EPS 0.51 0.29 PE (x) 26.1 46.3 P/B (x) n.a. n.a. EV/EBITDA (x) 5.2 4.7 Dividend yield (%) 0.0 0.0 Net margin (%) 6.1 3.2 Net debt/(cash) to equity (%) (107.2) (132.5) 61.9 65.1 8.9 2.5 3.8 2.1 3.8 2.1 0 Dec21 Feb22 Apr22 Jun22 Aug22 Oct22 Dec22 Source: Bloomberg ANALYST(S) Singapore Research Team +65 6535 6868 [email protected] |
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trader1970
Master |
27-Dec-2022 09:58
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Current crude oil have not factored in CNY travel demand within china and Globally...So is RH and DYNA... watch these two... ST undervalued....![]() |
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trader1970
Master |
27-Dec-2022 09:38
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China finally opening up with no quarrantine for inbound travel... Good news indeed.. WATCH RH ..tested sell at 196 and 197.. counter party is ML and JPM... It should fly above 20 soon after new year ![]() |
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wehuattogether88
Supreme |
27-Dec-2022 09:15
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Higher oil price due to reduction in production of oil in Russia case. This will affect the over demand supply equilibrium and pushing the overall oil price higher in the foreseeable future. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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pasttime
Elite |
26-Dec-2022 08:32
Yells: "Buy good stock on sale and collect dividend long long time" |
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according to eia report, total world oil production is 95.7m barrels a day. consumption is 96.66m barrels a day.  russia is reported by rt.com to say that  they will not sell to contract with price limit clause. can cut production by 0.5m to 0.7m barrels a day.  the demand exceed supply by 0.9m barrels a day. if russia really cut production the situations will be worse.  china covid-19 open up although is going into peak infection, it will reverse in time and travel will increased. that will make off balance situations worse. who to come to rescue from oil price escalations.  poor nations will be first to suffer with no $ to pay. no oil, nothing move, economy hit. poorest hit with no job no food.   |
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wehuattogether88
Supreme |
22-Dec-2022 10:42
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i think buying into RH might have bigger potentrial against Rex.
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sengkang
Senior |
22-Dec-2022 10:22
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If brent crude can maintain at least 80, then RHP should perform stronger next year.
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wehuattogether88
Supreme |
22-Dec-2022 10:10
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And maybe RH start declaring dividend in their coming 4th Quarter, then good for shareholders.
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wehuattogether88
Supreme |
22-Dec-2022 09:21
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As long as oil price up, RH will up faster. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Joelton
Supreme |
22-Dec-2022 08:46
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RH PetroGas an inexpensive upstream oil company with drilling catalysts in 2023: UOBKH
UOB Kay Hian analysts are positive on RH PetroGas in an unrated report, highlighting its operational performance and growth in reserves.
 
In their Dec 14 note, the analysts point out that the Indonesia-focused oil and gas company has undergone asset rationalisation and sold off two of its assets over the past five years. These consist of one high-cost oil production asset in China, while the other is an exploration asset in Malaysia.
 
As a result, the company currently only has two producing assets in Indonesia &mdash the Kepala Burung Production Sharing Contract (PSC) and the Salawati PSC, both of which are located onshore West Papua. RH PetroGas owns 70% of these PSCs, while its 30% partner is Indonesia&rsquo s national oil company, Pertamina.
 
Unlike other Singapore Exchange-listed oil and gas companies, RH PetroGas has shown very good execution ability in the past five years with 5% production CAGR over the 2017-2021 period, the analysts add. Its operating costs per barrel of oil equivalent (boe), on the other hand, has declined by 2% CAGR over the same period.
 
Additionally, its proven and probable (2P) oil and gas reserves have grown by 18% and 37% CAGR over the same period to 31.4 mmbbl and 19.2 bcf respectively as at Jan 1. At the beginning of the year, RH PetroGas&rsquo s reserves-to-production ratio was just over 20 years.
 
The analysts also highlight the key initiatives to strengthen the company&rsquo s balance sheet. One of which occurred in 3QFY2021, when its major shareholders converted their interest-free shareholder loans amounting to US$15.5 million ($21 million) into equity in the company at a price of 17.2 cents per share.
 
This led RH PetroGas&rsquo s negative equity position at end-2020 to turn positive &mdash as at end 1HFY2022, the company had no debt and US$51 million in cash, equivalent to 8 cent per share.
 
In 2023, RH PetroGas plans to drill one exploration well in each of its PSCs, as well as one development well in the Kepala Burung PSC. The company&rsquo s seismic data indicates that its exploration well at Kepala Burung will target over 1 tcf of natural gas, which would be material to a company of its size, the analysts say.
 
Given its net cash position, UOBKH believes RH PetroGas may also look to acquire or farm into prospective assets in the Asian region.
 
The analysts add that the company appears inexpensive on various metrics &mdash based on annualised 1HFY2022 EPS, RH PetroGas trades at a PE of 4.5x.
 
However, given its large cash holdings as at June 30, the company&rsquo s PE on an excluding cash basis would be 2.6x. In 1H22, RHP generated an ROE of 99% and free cash flow of US$2.3 million.
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jack_ng
Member |
21-Dec-2022 14:51
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RH PetroGas an inexpensive upstream oil company with drilling catalysts in 2023: UOBKH |
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wehuattogether88
Supreme |
15-Dec-2022 16:07
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BBs always knows when and which levels to trade. Powerful BBs!
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TraderBen
Supreme |
15-Dec-2022 16:06
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those chased 195 this morning got stucked again.. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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sengkang
Senior |
05-Dec-2022 09:31
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Congestion area between 20.0~23.0c. Meanwhile drink coke and munch popcorn.
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ssw518
Elite |
05-Dec-2022 09:13
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Target hit, out 200, good luck
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wehuattogether88
Supreme |
05-Dec-2022 09:07
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Must clear 0.22-0.23 first | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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muifan
Supreme |
02-Dec-2022 09:43
Yells: "Take the leap of faith dont regret 20 years later!" |
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30c coming? | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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ssw518
Elite |
01-Dec-2022 12:41
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200 coming???
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ssw518
Elite |
01-Dec-2022 09:39
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Seems quite strong and  looking at the volume short from the whole of last week have not covered yet. prepare to see 190 > > 200 |
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