Stock Idea With the red-hot residential market, here's a prop | FSMOne SG - Research Highlights

Stock Idea

With the red-hot residential market, here's a property developer to watch

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• Since its incorporation in 2010, property developer Oxley Holdings has launched portfolio of 48 projects spanning across Singapore as well as international markets.

• With a substantial amount of unbilled sales, Oxley is expected to generate a steady income stream over the next three years.

• The strong generation of cash flow generation has supported Oxley’s deleveraging efforts. We believe that the continuous reduction in its net gearing ratio could drive a re-rating in its share price.

• We expect the streamlining of Oxley’s portfolio to focus on its core competency – property development – to deliver greater value to shareholders and further support its deleveraging.

• We value Oxley at a target price of SGD 0.28, derived from a 50% discount to our estimated revalued net asset value (RNAV). This represents a potential upside of 17%.

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: Oxley (SGX:5UX)