| Latest Forum Topics / Oxley Last:0.08 -- |
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Sembmarine
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SmallSmall
Supreme |
29-Aug-2023 16:26
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If history is any indication, the company will restart its share buybacks. Similarly on the chart, there should be a 50% retracement rebound back to $0.105 |
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Joelton
Supreme |
29-Aug-2023 10:53
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Oxley&rsquo s H2 loss deepens to S$83.4 million on lower revenue, higher finance costs
MAINBOARD-LISTED property developer Oxley Holdings : 5UX +1.06% sank further into the red in the second half of the financial year ended Jun 30, 2023, with losses deepening 311 per cent to S$83.4 million from S$20.3 million in the same period the year before.
Revenue for the half-year fell by 52 per cent to S$202 million, from S$419.5 million a year ago.
This was mainly due to lower revenue being recognised for development projects in Singapore, the group said in a bourse filing on Monday (Aug 28). This came as &ldquo substantial revenue was recognised prior to FY2023, partially offset by higher revenue recognition from Oxley Towers KLCC in Malaysia and hotel operations&rdquo , it added.
The group&rsquo s finance costs for the half-year also increased by 26 per cent to S$$75.5 million, from S$60 million in the corresponding year-ago period. This was mainly due to higher interest rates from bank borrowings, the group said.
Loss per share for H2 FY2023 stood at S$0.0195, widening from the group&rsquo s loss per share of S$0.0048 a year ago.
For the full year ended Jun 30, 2023, Oxley recorded a net loss of S$85 million, compared to a net profit of S$7.3 million the year before. This came on the back of lower gross profit attributable to lower revenue and higher finance costs on borrowings, the group said.
Full-year revenue slipped 31 per cent to S$640.4 million. Loss per share stood at S$0.0196, from earnings per share of S$0.008 a year ago.
No dividend has been recommended for FY2023. This is to preserve the group&rsquo s working capital, it said. A final dividend of S$0.0025 per share was declared in the year-ago period.
Ching Chiat Kwong, Oxley&rsquo s executive chairman and chief executive officer, said that barring any unforeseen circumstances, the group is &ldquo cautiously optimistic&rdquo of the year ahead.
He noted that macroeconomic conditions remain challenging in 2023, with &ldquo geopolitical instability and inflation still predominating as risks to both domestic and global growth, coupled with the current high-interest-rate environment&rdquo .
The group&rsquo s focus will be on overseas projects, with all of its Singapore development projects set to be completed by 2023.
&ldquo We believe the hotel performance will continue to grow in tandem with tourism recovery in Singapore,&rdquo Ching said.
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SujantoHenry
Member |
29-Aug-2023 10:52
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Agree with you
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eddyeddy
Master |
29-Aug-2023 10:43
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Not easy to service the debts | ||||
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peppergal_87
Member |
29-Aug-2023 09:58
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Short-term wise, Ox seems ok Current liabilities = $1B Current assets = $1.5B Long-term wise, it is more challenging because it is questionable whether the realisable value of the non-current assets is close to the book value. Non-current liabilities = $1.6B Non-current assets = $1.2B Outstanding operating cashflow is mainly from overseas development projects which may not be Ox' s strength of late. That their PR slides indicate their past records speak volumes. Trade with caution. |
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SmallSmall
Supreme |
29-Aug-2023 09:27
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Time to buy this bombed counter for technical rebound. Current price $0.098. NAV $0.23 Company last share buyback was in July @ about $0.123. They will probably resume their share buy backs since the results are out and blacout out period over. Expect to go above $0.10 later |
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Alignment
Elite |
24-Aug-2023 21:43
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Obviously one' s desired price for a company is clouded by one' s entry price, but I would argue that, at current prices which represents only 0.4x book, signficant upside from such levels does not need Oxley to make profits. Instead, what Oxley needs to do (and which to a large extent should have happened already in 2H according to the company and which should be revealed in its 2H results) is that it has converted the SIngaporean development properties into cash which in turn would then be used to pay down debt (as predicted in p18 of its 1HFY23 results presentation). This is a working capital / cash flow issue rather than a P& L issue. Should this be revealed to be achieved and the balance sheet increasingly degeared, I would look at this positively, even if at the P& L side a loss was made. I think the market price is reflective of a concern about the balance sheet / liquidity - in that context what happens with the P& L is not a big deal. I appreciate for those people with an entry price above current book value this may not be enough for them to be happy. |
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dlim888
Member |
24-Aug-2023 16:30
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Insiders and major shareholders hold close to 80% of company-very incompetent management with most of their new ventures overseas turning into dust. With the high interest environment and more than $2.8b in liabilities , hard to imagine they can earn enough revenue to pay the interest - they will very likely run into cash flow problem - just watch out and exit if you could - it is already a penny stock 0.096 cents
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Chancy09
Member |
24-Aug-2023 15:32
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The value of the unsold units for these 3 is about SGD $1 billion | ||||
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Chancy09
Member |
24-Aug-2023 15:31
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Riverscape UK, Oxley Towers Kl, Malaysia, Dublin Arch | ||||
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FrancisLim
Elite |
24-Aug-2023 15:13
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Thanks. Any idea which foreign developments are hurting the co' s profitability? How large are these developments?
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eddyeddy
Master |
24-Aug-2023 15:04
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Too high debt , can be another chapter 11 ? | ||||
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Chancy09
Member |
24-Aug-2023 14:53
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Despite strong sales from the local Singapore market that it has to recognise, I am surprised that Oxley is going to report losses. For context, they have about 600 million in revenue to be recognised from Singapore as the properties will TOP during the 2H2023 financial report. This is higher than 1H2023 which reported SGD$438 million revenue and 2 million profit. It looks like the finance cost of its overseas project and slow sales overseas is hurting the company. Its foray into overseas project is now starting to kill it, with failed overseas residential projects one after another. Should shareholders vote to close down the company to prevent the incomptent CEO from destroying shareholder value? |
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FrancisLim
Elite |
24-Aug-2023 11:10
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Where is the bottom? | ||||
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moneynoenough
Senior |
24-Aug-2023 01:20
Yells: "ikan bilis " |
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x 0 Alert Admin |
castrated stud, too bad | ||||
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Joelton
Supreme |
22-Aug-2023 10:13
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Oxley warns it will report a loss for FY2023
Oxley Holdings has warned that it will report a net loss for FY2023 when it reports earnings for 2HFY2023 ended June.
The company attributes the losses to higher finance costs and lower revenue recognised from its property development projects as substantial revenue were recognised prior to FY2023 as the projects progressed.
Oxley is likely to report on or before Aug 29.
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BrightOtter
Member |
22-Aug-2023 08:24
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(Bloomberg) -- Oxley Holdings expects a net loss in 2H and FY 2023 mainly due to higher finance costs and lower revenue recognised from its property development projects, according to a statement. * Says substantial revenue was recognised before FY 2023 as projects progressed |
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Secret_Squirrel
Elite |
17-Jun-2023 08:27
Yells: "Stay curious but skeptical" |
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https://youtu.be/abHnfdhrtCg
Xiong an
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Ligaya
Master |
06-Jun-2023 10:58
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yeah then they ask you to buy OxPay instead
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Ftyeng
Senior |
25-May-2023 08:16
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This company could privatise anytime. I remember (I could be wrong) the two founders have high percentage share ownership. If the price keeps dropping and they vote to take it off the market and pay you at lowest price before things improve, you could stand to lose a huge percentage of your purchase price. It was like that for " Jardine Strategic" shareholders unsuccessfully filed a lawsuit against the takeover by parent " Jarfine Matheson Holdings" .
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