Oxley Holdings

Oxley Holdings: 3Q13 earnings increased 142% y/y to $13.2m, mainly due to the recognition of the completion of 10 of group's residential developments. In light of its performance, group proposed an interim dividend of 0.1¢ per share. Going forward, the group has 3 land parcels in view for redevelopment: 1) 199k sq ft parcel for hotel-cum-commercial development along Stevens Road (currently occupied by The Pines); 2) commercial-cum-residential development at 71/73/73A Oxley Rise; 3) 303k sq ft 30-year leasehold industrial land parcel at Sunview Road; Oxley also has nine projects in its pipeline- comprising six residential-cum-commercial, one commercial and two industrial developments, which the group is waiting for an opportune time to launch in light of the government's recent round of cooling measures introduced in Jan 2013 in the residential and industrial sectors. Management is looking at opportunities in the Asia Pac region for its future growth. NAV per share increased 32% to 6.91cents, implied P/B valuation of 5.2x seems fairly on the high end.