RH Petrogas (RHP): KE initiates at Buy with $1.35 target, based on a sum-of-the-parts valuation of its oilfield assets. Formerly an electronics company called Tri-M, RHP has been transformed by the injection of Chinese oilfield assets, the acquisition of Orchard Energy from Temasek Hldgs, and a subsequent oilfield purchase in West Papua, Indonesia…
Backed by the Rimbunan Hijau (RH) Group, one of the largest conglomerates in Msia, KE expects RHP to leverage the broader capabilities and financial strength of the group, and to secure a further pipeline of oilfield assets as well.
Stock +8% at $0.805, and has had a strong run since bottoming out in late Nov at $0.495.
Traders should note the historically thin volume on this counter.
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