Brokers' take

Oxley Holdings | Buy Target price: S$0.43 Sept 24 close: S$0.31 RHB Research Institute, Sept 24

OXLEY'S FY2019 results are in line, with revenue/net profit attributable to shareholders after deducting minority interests (PATMI) at S$686.1 million/S$144.2 million. FY2020 should be a record year, with profits from the Chevron House sale, Dublin landing and Cambodia coming in.

Oxley has S$2.18 billion of debts expiring by 2020. However, the majority comprise property loans, which can easily be refinanced. Only S$450 million of its retail bond need to be paid by 2020.