Roxy-Pacific Holdings - OCBC Investment 2016-08-01: Boost from FV gains in Australia

Roxy-Pacific Holdings - OCBC Investment 2016-08-01: Boost from FV gains in Australia ROXY-PACIFIC HOLDINGS LIMITED E8Z.SI 

Roxy-Pacific Holdings: Boost from FV gains in Australia

  • Roxy-Pacific Holdings’s 2Q16 PATMI increased 57% YoY to S$20.6m mostly due to fair value gains on its Australian assets, higher contributions from its development segment and stronger share of associates and JV profits from Eon Shenton. 
  • In terms of the topline, 2Q16 revenues increased 5% YoY to S$98.4m as contributions from the property development and hotel ownership segment grew, but partially offset by a weaker numbers from the property investment segment. 
  • We deem this quarter’s results to be broadly within expectations, and year-to-date PATMI now comprises 38% of our full year forecast as we expect a back-loaded year in terms of revenue recognition ahead. 
  • The group currently sits on total pre-sale revenues of S$363.3m which will be progressively recognized from 3Q16 to 2020. 
  • Maintain HOLD with an unchanged fair value estimate of S$0.52 per share.




Eli Lee OCBC Securities | http://www.ocbcresearch.com/ 2016-08-01
OCBC Securities Analyst Report HOLD Maintain HOLD 0.52 Same 0.52


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