Oxley

Oxley: Sias maintains Increase Exposure call with $0.325 TP. House note that Oxley booked record high revenue of $50m this qtr, rising 40.1% YoY and 33.3% QoQ respectively. Net Profit climbed 12% YoY and $5.0m QoQ to S$6.6m on the back of higher revenue and good cost control. The sales momentum of several industrial and commercial projects continued to firm this quarter. In all, Oxley had 15 projects that are fully sold and five projects that are more than 84% sold. This led house to have confidence in the attractiveness of Oxley’s projects and provide clear visibility of the company’s top line till FY2017. House retaining Oxley’s realizable value as they wait for more disclosures about their strategy to the new acquisitions. However, lowering the RNAV discount to 37.5% in view of the rapid sales momentum. Following the recent share split and rights issues, the company has approximately 2.95b outstanding shares.