Roxy-Pacific Holdings - OCBC Investment 2017-08-01: Recent Launches Performing Well

Roxy-Pacific Holdings - OCBC Investment 2017-08-01: Recent Launches Performing Well ROXY-PACIFIC HOLDINGS LIMITED E8Z.SI

Roxy-Pacific Holdings - Recent Launches Performing Well

  • Roxy-Pacific Holdings’ (ROXY) 2Q17 PATMI declined 26% YoY to S$14.7m mostly due to lower contributions from the group’s property development segment, partially offset by firmer income from property investment segment (mostly higher rentals from 59 Goulburn Street).
  • In terms of the topline, 2Q17 total revenues similarly declined 21% YoY to S$77.8m as property development revenues fell 24% YoY.
  • Despite a challenging operating environment, Roxy reports that its recent launches – Straits Mansions in Singapore, The Hensley and Octavia in Australia – have performed well and are 100%, 93% and 95% sold, respectively. 
  • The management team had also prudently replenished land-bank during the housing downturn in Singapore, acquiring 120 Grange Rd and 211-233A Pasir Panjang Rd which will be launched ahead. 
  • Overall we deem this set of results to be broadly within expectations. An interim dividend of 0.214 S-cents per share has been declared. 
  • Maintain HOLD with an unchanged fair value estimate of S$0.52 per share.




Eli Lee OCBC Investment | http://www.ocbcresearch.com/ 2017-08-01
OCBC Investment SGX Stock Analyst Report HOLD Maintain HOLD 0.520 Same 0.520



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