In a Wednesday report, SCCM’s research team says it likes the stock as an “emerging giant with impeccable track record”, having grown from a “shoe-box” condo project developer since its initial Catalist listing in 2010, to a globally diversified Mainboard-listed developer with 28 development projects across 12 different countries, including Singapore.
SINGAPORE (Apr 4): Soochow SSD Capital Markets (SCCM) has started coverage on Oxley Holdings at “buy” with a target price of 63 cents, which is pegged at a 20% discount to end-2018 RNAV estimates.
In all, SCCM projects for 11.4% EPS CAGR from FY18-20 with the hand-over of development projects. It expects gross margin from Oxley’s Singapore and overseas projects to exceed 15% and 25%, respectively, with blended margins to be around 25%.
