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UOB KAYHIAN CIMB

Oxley Holdings (OHL SP)

Back For The Home Run

 

chingchiatkwong16Ching Chiat Kwong, ChairmanOxley is a key beneficiary of Singapore property upcycle, as it has the largest residential landbank among the Singapore-listed property stocks with 1,209 attributable units (Total: 2,833 units, Total: S$3.03b GDV). Its diversified earnings base with S$2.46b in secured sales provides earnings visibility. Gearing concerns will subside with cash flow streaming in and rising recurring income stream (from S$11.3m in 2017 to S$167.1m in 2021). We re-initiate coverage on Oxley with a BUY rating and target price of S$0.67, pegged at a 20% discount to its RNAV.

 

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Property Devt & Invt

Uptick in private residential prices

 

■ First private residential price uptick in over 3 years, supported by improved volume.

■ Declining completions over next 2-3 years to support a sustained price recovery.

■ Stay Overweight; top picks – UOL, City Dev, Capitaland, Wing Tai.

 

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DBS VICKERS

Singapore Monthly Strategy

STI 3400 Decision Time

 

• 3Q17 results season a key determining factor for STI 3400 by year-end

• Stocks to position ahead of results – OCBC, Genting Singapore, iFAST, Hi-P , Sunningdale and Thai Bev

• SREITs checked by risk free rate rebound – Mapletree Greater China Commercial Trust, Far East Hospitality Trust, Keppel REIT, Capitaland Retail China Trust

 

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DBS VICKERS
Hi-P International (HIP SP): Ramping up

248 Yao Hsiao TungYao Hsiao Tung, Chairman
♦ Re-rating of tech stocks continues; Technology best performing sector in the Singapore market

♦ 
Wireless and IoT to ride on uptrend; building base for Consumer Products

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Expect earnings momentum to remain strong

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Tweaked FY17F and FY18F earnings up by 3% p.a.; maintain BUY with higher S$1.67 TP.

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LionelLim8.16Check out our compilation of Target Prices



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