SINGAPORE (Sept 24): Oxley Holdings might have seen its full year earnings nearly halved year-on-year to $146.3 million for FY19. But some market watchers believe the property group is poised for a stellar year ahead.
“FY20 should be a record year, with profits from the Chevron House sale, Dublin landing and Cambodia coming in,” says RHB Group Research lead analyst Jarick Seet in a Tuesday report.
In addition, the analyst notes that Oxley has hinted that it may pay a special dividend for its 10-year anniversary.
SINGAPORE (Sept 16): The property sector, together with finance, logistics and manufacturing, is the pillar of any modern economy. Scale is critical to success, and those with the financial muscle can steadily lever up to become even bigger.
Thirteen companies qualified for the property sector of the Billion Dollar Club, each with a market value above the billion-dollar treshold. The only industry sector with a higher number of qualifying companies was real estate investment trusts — with a total of 24 qualifying companies.
SINGAPORE (Sept 2): The British pound dropped over 1% as newly minted Prime Minister Boris Johnson gained approval from Queen Elizabeth II to suspend Parliament, a move many say will devastate any attempts by members of Parliament to stop a no-deal Brexit. The FTSE 100 Index dropped as well.
SINGAPORE (Aug 27): Oxley Holdings saw its earnings plunge 81% to $25.6 million for the 4Q19 ended June, falling from $137.7 million a year ago.
This brings full-year earnings to $146.3 million for FY19, just over half of FY18 earnings of $285.0 million.
4Q19 revenue fell 57% to $100.4 million, from $233.1 million a year ago, mainly due to lower revenue contribution from its project in the United Kingdom.
SINGAPORE (July 15): Towards end-June, a long-term United Engineers shareholder who has held his shares for more than 15 years, lamented the condition of UE BizHub City, the former UE Square, on Clemenceau Avenue.
“UE has great assets. But even prime assets need to be enhanced to keep up with the times. UE Square is really looking sad in the post-MRT landscape. It doesn’t have that shine and relevance anymore,” the shareholder says. Despite its moniker, United Engineers’ real value lies in its investment properties (see Table 1).
SINGAPORE (June 24): Aspen Group Holdings, the Malaysian property developer, is partnering Oxley Holdings to develop a mixed-use integrated project on Penang Island.
Spanning across 29.05 acres (1.27 million sf), the project comprises residential towers with communal facilities, service apartments, lifestyle retail facilities and a private clubhouse.
SINGAPORE (June 14): Barry Stowe, the former chairman and chief executive of Prudential’s North American Business unit who retired in December 2018, was the highest paid manager among Singapore listed companies in 2018.
Besides being listed in London, Prudential has a secondary listing on the Singapore Exchange since May 2010.
For lifting the international financial services group’s earnings by 26%, Stowe was given a 7.8% hike in compensation to $16.5 million.
SINGAPORE (June 17): US President Donald Trump is not letting up on his threats to hit China with a new set of tariffs as talks between the two economic giants show scant signs of progress. China, on the other hand, did not give a clear indication if President Xi Jinping will meet Trump at the G20 meeting on June 28 and 29 in Osaka, Japan.
Trump added further uncertainties to the trade talks. At a press conference on June 12, he declared that there was no deadline on when the talks should resume, other than “what’s up here”, pointing to his head.
SINGAPORE (June 13): RHB Research is initiating coverage on property developer Oxley Holdings with a “buy” recommendation and a target price of 41 cents.
The target price is pegged to a 45% discount to its revalued net asset value (RNAV) of 74 cents, and represents an upside of 32% from its current trading price.
“Concerns over its gearing level are overdone, as it should be lowered by key asset sales – especially from Chevron House and its hotels along Stevens Road,” says lead analyst Jarick Seet in a report on Thursday.
SINGAPORE (May 13): Oxley Holdings saw it earnings jump 121% to $67.4 million for the 3Q19 ended March, from $30.6 million a year ago.
Earnings per share (EPS) grew to 1.64 cents for 3Q19, compared to 0.78 cent in 3Q18.
The increase was largely attributable to a one-off fair value gain on the commercial building at 30 Raffles Place, formerly known as Chevron House. As a result, other gains for 3Q19 increased to $101.5 million, compared with $33.1 million in 3Q18.
3Q19 revenue fell 75% to $59.9 million, from $238.8 million a year ago.
