UOB KAYHIAN | CIMB |
Oxley Holdings (OHL SP) Back For The Home Run
Oxley 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 ♦ ♦ Re-rating of tech stocks continues; Technology best performing sector in the Singapore marketWireless and IoT to ride on uptrend; building base for Consumer Products ♦ Expect earnings momentum to remain strong ♦ Tweaked FY17F and FY18F earnings up by 3% p.a.; maintain BUY with higher S$1.67 TP. Read more.... |
Check out our compilation of Target Prices