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Oxley Holdings reports 114% in Q3-2012 revenue to S$48.1mn while net profit was higher by 56% to $8.6mn...two new launches do well.....
I revisited Oxley Holdings in a recent Blog posting on 17 April 2012. The original concept recommendation that I made in January 2011 cited the execution of their bold plan as key to unlocking value.
They have done it.......now we have to wait for them to recognise the profits from their sales over the next two years.
Oxley has just reported its Q3-2012 results....no major surprises in the results. Revenue rose 114% to S$48.1mn while net profit rose 56% to S$8.6mn.
For the nine months to March 31, 2012, revenue rose 217% to S$121.8mn while net attributable profit is higher by 139% to S$17mn. Nine month EPS is 1.1 cents while NAV as at March 31, 2012 is 9.4 cents.
The most interesting items in the Q3-2012 results can be found on Page 12 of the results announcement, ie the projects they have launched and what is sold. What caught my attention was:
a) Oxley Tower (144 Robinson Road) which is 77% sold
b) Commerce@Irving which is 88% sold
These two projects were not in my NAV calculation but could add if completely sold another $100mn to its NAV or about 6-7 cents per share.
The medium term target if Oxley trades to a reasonable discount to its NAV remains at about $0.58-0.66.....but a lot of this would depend on how fast they can build and receive TOP from the projects that have been sold.
So well supported by future NAV from what has already been sold but investors need to be patient for this to be unlocked in its results and balance sheet.
Recent story: OXLEY HOLDINGS revisited: It has executed well....what's next for this stock?
