Broker: UOB Kay Hian
Date of Report: Friday, 13 March 2026

Excerpt from UOB Kay Hian report.

Report Summary

• RH Petrogas (RHP) reported a sharp earnings decline in 2025, with net profit dropping 81% year-on-year to US\$3.5m due to lower oil prices and over US\$12m in exploration write-offs. Underlying operating cash flow remains resilient, aided by strong cost control and stable field operations.
• Despite weaker results, RHP maintains a strong balance sheet with zero debt and US\$61.3m in cash, supporting ongoing and future exploration and development. The broker maintains a BUY rating with a higher target price of S\$0.263, citing upcoming drilling catalysts in 2026 and RHP’s premium ROE compared to peers.

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