Singapore Stock Market News
RH Petrogas - A Shot Of Adrenaline
StockFanatic
Publish date: Thu, 03 Oct 2013, 12:45 PM
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RH Petrogas (RHP) will issue 116m new shares, at SGD0.63/share, to a
group of institutional investors, raising USD56m to fund drilling
activities in the Basin and Island PSCs, which we expect to accelerate
in FY14.
The stock remains deeply undervalued, with current assets
worth SGD0.98/share. Multiple catalysts are expected over October and
4Q13. Maintain BUY with its TP adjusted to SGD1.33 post-placement.
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