Oxley

Oxley: Post 3Q results, Voyage noted that Oxley's overseas projects were well received, with 73% at Royal Wharf in London (Phase 1, about 800+ units) sold. House expects Oxley to launch the next phase over the next three months. In addition, Voyage speculate that more than 60% of The Bridge in Cambodia (1,000+ units) is likely to be sold in the first month of launch, estimated over the next one month. Given the positive response from Oxley’s overseas projects and the large amount of land acquisitions, Voyage believes the management is likely to put more attention there. For the Singapore projects, there are only two unlaunched projects and three with sales of <80%. The company is likely to concentrate on selling the existing projects and acquire new ones only if the returns are attractive. Voyage has a Fairly Valued rating with $0.80 TP.