Golden Energy & Resources: RHB Maintained BUY TP: S$0.71.

16 Aug 2017 16:41

RHB - GEAR booked 1H17's earnings (net of minority interest) of USD30.8m, which was within our and consensus' expectations (38% and 37.9% of our and consensus' FY17F estimates). We believe its higher coal sales volume in 2H17F should catch up. Its interim dividend of SGD0.008/share generates a dividend yield of 2.05%, which is higher than our expectations. We maintain our assumptions and reiterate BUY with a DCF-based TP of SGD0.71 (82% upside). GEAR is one of the few listed coal companies that should have a sizable organic volume growth ahead...

Source: ShareInvestor Express