KGI Securities has initiated coverage on Golden Energy and Resources (GEAR) with a “buy” recommendation and a target price of 95 cents – close to double its current trading price.
With the rights to mine more than 2 billion tonnes of coal and backed by some 780 million tonnes of coal reserves, KGI analyst Joel Ng forecasts GEAR could raise coal production by 40% y-o-y to 14 million tonnes in FY17.
This would help lift GEAR’s FY17 earnings growth significantly, Ng says in an initiation report on Thursday.
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