Oxley: (S$0.405) 4QFY16 held up by accounting gains; gearing improves
- 4QFY16 net profit more than doubled to $73.8m (+114%), thanks to higher fair value gains on its investment properties and negative goodwill.
- This took FY16 earnings to $206m (+162%) as revenue surged 40% to $981.3m, buoyed by progressive recognition from eight of its development projects.
- Further, rental income jumped to $9.7m (FY15: $0.6m).
- Oxley is proposing a final DPS to 0.25¢, raising full year payout to 1.9¢ (FY15: 0.41¢).
- Balance sheet was in better shape, with net gearing easing to 2.2x (3QFY16: 2.9x, 4QFY15: 4.1x).
- Unbilled sales of $3b in Singapore ($1.24b) and overseas ($1.76b), of which $1.9b will be recognised over the next 12 months.
- At the current price, Oxley trades at a 64% discount to street RNAV of $1.14/share.
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