Geo Energy Resources Ltd. (RE4) AI Stock Analysis

• Market Cap: S$760.15M
• Dividend Yield: 2%
• Average Volume (3M): 14.55M
• Price to Earnings (P/E): 16.7
• Beta (1Y): 0.78
• Revenue Growth: 43.96%
• EPS Growth: -54.78%
• Country: SG
• Employees: 350
• Sector: Energy
• Sector Strength: 52
• Industry: Coal
• EPS (TTM): <0.01
• Shares Outstanding: 1,709,475,600
• 10 Day Avg. Volume: 8,731,220
• 30 Day Avg. Volume: 14,549,890
• PEG Ratio: -0.69
• Price to Book (P/B): 1.05
• Price to Sales (P/S): 0.81
• P/FCF Ratio: 10.86
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 0.07
• Revenue Forecast (FY): S$694.46M

• Rating: 59 Neutral
• Price Target: S$0.43 ▲(8.50% Upside)
• Action: Reiterated Date: 03/01/26
• Date: Action: Reiterated 03/01/26

The score is driven primarily by moderate financial strength—continued profitability and positive free cash flow—tempered by multi-period revenue declines, post-peak margin normalization, and cash flow volatility. Technical indicators are neutral-to-soft (below key moving averages with slightly negative MACD), while valuation is mid-range with a modest dividend yield.

Positive Factors

Cash generation

Consistent TTM operating cash flow and positive free cash flow with FCF near reported earnings indicate the company converts profit into cash. Durable cash generation supports capex, debt service and shareholder returns, improving resilience through commodity cycles and funding core operations.

Ongoing profitability

Sustained positive EBITDA and a positive net margin show the business remains operationally profitable at current market levels. Reliable underlying profitability helps cover fixed mining and logistics costs, supporting continuity of operations and long-term contractual supply capability.

Moderate leverage

A balance sheet supported by equity with debt around 0.49x equity provides financial headroom relative to highly leveraged peers. Moderate leverage preserves flexibility for working capital, reinvestment and refinancing, offering a structural buffer in case of cyclical revenue or price weakness.

Negative Factors

Falling revenue

Multi-period revenue declines reflect weaker demand or pricing in thermal coal markets. A shrinking top line reduces scale economies, pressures fixed-cost absorption in mining and logistics, and makes earnings and cash flow more sensitive to further commodity or regional demand deterioration.

Margin normalization

Returns have normalized to mid-single digits versus peak-cycle margins, signaling structural contraction in profitability. Lower margins limit internal capital generation, reduce the firm's buffer against downturns, and increase reliance on commodity recovery to restore historical earnings power.

Cash flow volatility & higher leverage

Intermittent negative operating and free cash flow (e.g., 2023) combined with increased leverage heighten liquidity and refinancing risks. Volatile cash conversion complicates capex planning and dividend consistency, reducing financial flexibility during prolonged commodity weakness.

Geo Energy Resources Ltd. Business Overview & Revenue Model

Company Description

Geo Energy Resources Limited, an investment holding company, engages in the mining, production, and trading of coal. The company operates through Coal Mining, Coal Trading, and Mining Services segments. The Coal Mining segment engages in the production and sale of coal. The Coal Trading segment is involved in the purchase and sale of coal from third parties. The Mining Services segment provides mining contracting and project management services for mining activities conducted at third party mines. The company owns and operates PT Bumi Enggang Khatulistiwa mining concession that covers approximately 4,570 hectares of land located in Kutai Barat, East Kalimantan; the PT Sungai Danau Jaya mining concession that covers 235 hectares of land located in Tanah Bumbu, South Kalimantan; PT Tanah Bumbu Resources mining concession covering an area of 489 hectares of land located in Tanah Bumbu, South Kalimantan; and PT Surya Tambang Tolindo mining concession covering an area of 4,600 hectares in Kutai Barat, East Kalimantan. It also engages in the power generation and general trading activities; and operates as a multimedia supplier, as well as offers management consultant services. The company operates in Indonesia, China, Thailand, India, the Philippines, Vietnam, South Korea, and Pakistan. Geo Energy Resources Limited was founded in 2008 and is based in Singapore.

How the Company Makes Money

Geo Energy Resources Ltd. generates revenue primarily through the sale of thermal coal to power generation companies and industrial clients. The company's revenue model is centered on the production and sale of coal, with revenue streams coming from long-term contracts and spot market sales. Additionally, Geo Energy may benefit from partnerships with energy companies and utilities that require a steady supply of coal for their operations. The company's focus on diversifying into renewable energy could also open new revenue streams in the future, although specific details on these initiatives are not currently available.

Geo Energy Resources Ltd. Financial Statement Overview

Summary

Still profitable and cash-generative in TTM with positive EBITDA (~11%) and net margin (~4.6%), and positive operating/free cash flow with FCF close to earnings (~0.88x net income). Offsetting this, revenue has been declining across recent periods, profitability is well below 2021–2022 peak-cycle levels, and cash flow has shown volatility (notably negative OCF/FCF in 2023) alongside higher leverage versus prior years.

Income Statement

Profitability remains positive in TTM (Trailing-Twelve-Months), with about 11% EBITDA margin and ~4.6% net margin, but performance is well below the peak years (2021–2022) when margins were substantially higher. Revenue trajectory is a key concern: revenue growth is negative in TTM (Trailing-Twelve-Months) and has also been down in most recent annual periods, highlighting a weaker demand/price backdrop and more volatile earnings power typical of coal markets.

Balance Sheet

The balance sheet is reasonably supported by equity (debt is ~0.49x equity in TTM (Trailing-Twelve-Months)), and equity has stayed relatively stable versus recent years. However, leverage has stepped up materially from the very low debt levels seen in 2021–2022, reducing flexibility if the cycle weakens further. Returns on equity have normalized to mid-single-digits in TTM (Trailing-Twelve-Months), down sharply from prior peak-cycle levels.

Cash Flow

Cash generation is currently solid: TTM (Trailing-Twelve-Months) operating cash flow (~$91.5M) and free cash flow (~$41.5M) are both positive, and free cash flow is close to reported earnings (free cash flow is ~0.88x net income). The main weakness is volatility—2023 showed negative operating and free cash flow despite positive earnings—and TTM (Trailing-Twelve-Months) free cash flow declined sharply versus the prior year, pointing to less consistent cash conversion through the cycle.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	571.38M	401.90M	488.97M	733.47M	641.89M
Gross Profit	87.02M	52.64M	79.23M	272.06M	261.23M
EBITDA	103.98M	44.51M	113.76M	253.99M	257.29M
Net Income	27.81M	37.14M	61.98M	161.56M	177.94M
Balance Sheet
Total Assets	1.13B	1.02B	937.37M	563.03M	525.71M
Cash, Cash Equivalents and Short-Term Investments	105.09M	118.07M	170.80M	234.08M	190.60M
Total Debt	263.01M	233.87M	250.01M	3.42M	3.74M
Total Liabilities	594.61M	477.86M	437.76M	154.74M	176.60M
Stockholders Equity	442.45M	449.45M	419.10M	407.36M	347.78M
Cash Flow
Free Cash Flow	42.69M	60.00M	-54.50M	165.95M	266.60M
Operating Cash Flow	83.72M	70.72M	-45.60M	169.89M	272.79M
Investing Cash Flow	-127.53M	-49.12M	-187.97M	-2.25M	-4.07M
Financing Cash Flow	32.07M	-40.23M	137.12M	-119.65M	-130.70M

Geo Energy Resources Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
RE4	59 Neutral	S$760.15M	16.67	5.10%	2.00%	43.96%	-54.78%
DU4	55 Neutral	S$253.36M	25.17	5.18%	―	2.00%	-28.40%
5WH	47 Neutral	S$247.44M	-2.02	-85.62%	―	11.94%	26.44%
BTP	46 Neutral	S$105.50M	-4.01	-5.60%	4.00%	-40.02%	-176.13%

Geo Energy Resources Ltd. Corporate Events

Geo Energy Resources Adds Independent Director, Reshapes Key Board Committees

Geo Energy Resources has announced the appointment of Tai Mern Tze as an independent non-executive director effective 2 March 2026, strengthening the independent representation on its board. Tai will also chair the remuneration committee and join the audit and risk, and nominating committees, reflecting the company’s effort to bolster governance structures and oversight.

Following this change, the board will consist of two executive and three independent directors, with refreshed memberships across key committees that separate executive leadership from independent supervision. The updated composition is likely to enhance checks and balances, align remuneration with shareholder interests and reinforce compliance with Singapore Exchange corporate governance requirements.

The most recent analyst rating on (SG:RE4) stock is a Hold with a S$0.50 price target. To see the full list of analyst forecasts on Geo Energy Resources Ltd. stock, see the SG:RE4 Stock Forecast page.