SINGAPORE (Dec 18): RHB Group Research is reiterating its “buy” recommendation on Oxley Holdings, after the property developer on Dec 16 announced it is divesting its leasehold interest of 297 years in No. 3 Dublin Landings for 115.0 million euros ($173.7 million).

The brokerage is also maintaining its target price of 43 cents, implying a potential upside of 21% and close to 9% yield.

Oxley is entitled to receive 77.8% of the sale price of the property. In a regulatory filing, the group says the proceeds from the sale will contribute positively to its cash flow.

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