Oxley

Oxley: Management said its healthy earnings stream was from >$3b in Singapore presales while overseas launches were progressing well too with steady take-ups in London and Cambodia booking $1.6b in sales. High gearing was a talking point, but OSK DMG expects this to steadily decline with ongoing progressive collections. House likes the counter for its dynamic management and solid earnings visibility, and believes good execution of overseas projects will drive the next round of NAV and share price re-rating. OSK DMG maintains BUY with TP of $0.91.