Oxley Holdings

Oxley Holdings: Oxley Holdings reports 114% in 3Q12 rev to $48.1m, while net profit was higher by 56% to $8.6m. Kevin Scully of NRA capital cited recent visit to Oxley Holdings, and remains confident on grp being able to unlock value. Cite that grp is on track and now we have to wait for them to recognize the profits from their sales over the next two yrs. Note that most interesting items in 3Q results will be on the projects grp have launched and what is sold. Namely: 1) Oxley Tower (144 Robinson Road) which is 77% sold 2) Commerce@Irving which is 88% sold Add that these two projects were not in his original NAV calculation but could add another $100m to its NAV or about 6-7c per share. The medium term target if Oxley trades to a reasonable discount to its NAV remains at about $0.58-0.66, but a lot of this would depend on how fast they can build and receive TOP from the projects that have been sold.