Rex International Faces Earnings Hit From Likely Lower Output, Higher Costs -- Market Talk

Dow Jones03-14

0333 GMT - Rex International Holding faces an earnings hit from likely lower output and higher costs, UOB Kay Hian analysts say in a research report. They cut their target price for the oil production and exploration company to S$0.08 from S$0.10 with an unchanged sell rating. The brokerage reduces its 2024 forecast for the total production of the company's Yumna Field to 2,000 barrels a day from the 5,000 barrels projected earlier, as this asset struggled to return to full production in 2023. Also, UOB Kay Hian assumes higher production costs as the Singapore-listed company works on the Yumna Field. Shares are 3.15% higher at S$0.131. (ronnie.harui@wsj.com)

(END) Dow Jones Newswires

March 13, 2024 23:33 ET (03:33 GMT)

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