Simons Trading Research

Author: simonsg   |   Latest post: Fri, 19 Jul 2019, 9:08 AM


Oxley Holdings - Major Property Sector Bargain; Initiate BUY

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  • Initiate coverage on OXLEY HOLDINGS LIMITED (SGX:5UX), a home-grown property developer, with BUY and a Target Price of SGD0.41, pegged to a 45% discount to our RNAV of SGD0.74.
  • Concerns over its gearing level are overdone, as it should be lowered by key asset sales – especially from Chevron House and its hotels along Stevens Road. Sturdy profits from its overseas and local projects will also start to flow in, and shareholders could be rewarded by special dividends.

Source: RHB Invest Research - 13 Jun 2019

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Labels: Oxley

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