RH Petrogas

RH Petrogas: Counter seems to be affected by the penny decimation this morning as well. Latest was UOB KayHian's initiation on counter on 21 Oct, with a Buy rating and TP of $1.60. House note that RH Petrogas is the most balanced upstream O&G company listed on SGX. In a blue-sky scenario, RHP could be worth $2.02 in 2014 and $3.21 in 2015. House also present alternative valuation method for RHP in 2014 and 2015, by valuing RHP’s assets individually, as its share price would likely rerate upwards if its exploration and development initiatives are successful.