SINGAPORE (June 4): Maybank Kim Eng has initiated coverage on property developer Oxley Holdings at “buy” with a target price of 56 cents, which is based on a 20% discount to its RNAV of 71 cents.

In a report last Friday, analyst Derrick Heng says he expects the group’s sector-leading returns to continue on the back of new local launches and strong overseas presales recognition, which would crystalise about 10 cents per share of development surplus as well as pare down debt to reduce gearing, respectively.

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