Oxley Holdings Ltd. · SGX:5UX
Oxley — Investor Presentation (February 2020)
55 slides from Oxley's investor presentation, February 2020
Slide 1: Corporate Presentation
Corporate Presentation February 2020 0
Slide 2: Disclaimer
Disclaimer NOT FOR PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OR TO U.S. PERSONS. This presentation is for information and reference only and does not constitute or form part of, and should not be construed as, any offer for sale or subscription of or invitatio
Slide 3: Presenters
Presenters Mr. Ching Chiat Kwong Mr. Low See Ching Eric Executive Chairman and Deputy CEO and Executive CEO Director 2
Slide 4: Table of Contents
Table of Contents • 1. Group Overview • 2. Key Highlights • 3. Operations Overview • 4. Financial Overview 3
Slide 5: 1. Group Overview
1. Group Overview • Shareholding & Corporate Structure • Geographical Presence Across 10 Countries 4
Slide 6: Shareholding & Corporate Structure
Shareholding & Corporate Structure Ching Chiat Kwong Low See Ching Eric 42.15% 28.16% 100% 18.8% 10% Singapore International Pindan Group Galliard (Group) Aspen (Group) Projects Projects Pty Ltd Limited Holdings Limited Oceania Europe Southeast Asia East Asia - Australia - United Kingdom - Cambodia
Slide 7: Geographical Presence Across 10 Countries
Geographical Presence Across 10 Countries EUROPE East Asia United Kingdom Ireland Cyprus CHINA MYANMAR Southeast Asia VIETNAM CAMBODIA MALAYSIA SINGAPORE Oceania AUSTRALIA 6
Slide 8: 2. Key Highlights
2. Key Highlights • Full Suite Developer 7
Slide 9: Full Suite Developer
Full Suite Developer TOWNSHIP DEVELOPMENT TRANSIT-ORIENTED DEVELOPMENT FINANCIAL DISTRICT Royal Wharf Yangon Central Railways Station Dublin Landings SPORTS & HEALTH CITY HOTEL RESIDENTIAL COMMERCIAL & OFFICE Gaobeidian Novotel/ Mercure Singapore on Riverfront Residences 30 Raffles Place Stevens * P
Slide 10: 3. Operations Overview
3. Operations Overview • Development Portfolio • Investment Portfolio • Mergers and Acquisitions 9
Slide 11: Development Portfolio
Development Portfolio 10
Slide 12: Sales Milestone – Singapore since year 2018
Sales Milestone – Singapore since year 2018 Project Unit sold % sold Revenue The Verandah Residences 169/170 99% sold SGD 247 million Sea Pavilion Residences 24/24 100% sold SGD 33 million Sixteen35 Residences 59/60 98% sold SGD 54 million Riverfront Residences 800/800 (phase 1) 100% sold SGD 1,176
Slide 13: Remaining Revenue of Singapore Projects
Remaining Revenue of Singapore Projects Project Launch Top Date Remaining Revenue Date The Verandah Residences Launched 4th q 2020 249 million – 247 million = 2 million Sea Pavilion Residences Launched 1st q 2020 None Sixteen35 Residences Launched 4th q 2020 56 million – 54 million = 2 million Appro
Slide 14: Exposure - Singapore Projects
Exposure - Singapore Projects GDV for Singapore Portfolio GDV for Singapore Portfolio Sales Attained Residual Sales 38% Sales Attained 62% S$ 3.021 Billion S$ 1.86 Billion Residual Sales Sales Target 4500 4000 3500 3000 2500 2000 1500 1000 500 0 As of 03 Feb 2020 By December 2020 Achived Sale Target
Slide 15: Development Portfolio – Singapore
Development Portfolio – Singapore Riverfront Residences Stake: 35% Tenure: 99-year leasehold Est GDV: S$1.5 billion No. of units: 1472 (residential) 6 (commercial) Sold: 1,222 units Phase 1 – 100% Phase 2 – 100% Phase 3 – 100% Artist’s impression Phase 4 – 22% Affinity at Serangoon Stake: 40% Tenure
Slide 16: Development Portfolio – Singapore (continued)
Development Portfolio – Singapore (continued) Kent Ridge Hill Residences Stake: 100% Tenure: 99-year leasehold Est GDV: S$805 million No. of units: 548 Sold: 281 units Phase 1 – 100% Phase 2 – 62% Artist’s impression Artist’s impression Mayfair Gardens / Modern Stake: 100% Tenure: 99-year leasehold
Slide 17: Development Portfolio – Singapore (continued)
Development Portfolio – Singapore (continued) The Verandah Residences Stake: 100% Tenure: Freehold GDV: S$249 million No. of units: 170 Sold: 169 units (99%) Artist’s impression 1953 Stake: 100% Tenure: Freehold Est GDV: S$113 million No. of units: 58 (residential) 14 (commercial) Sold: 37 units Pha
Slide 18: Development Portfolio – Singapore (continued)
Development Portfolio – Singapore (continued) Sixteen35 Residences Stake: 100% Tenure: 99-year leasehold GDV: S$56 million No. of units: 60 Sold: 59 units (98%) Artist’s impression Parkwood Residences Stake: 100% Tenure: Leasehold Est GDV: S$28 mil No. of units: 18 Artist’s impression 17
Slide 19: Development Portfolio – Singapore (continued)
Development Portfolio – Singapore (continued) Artist’s impression Artist’s impression Artist’s impression The Addition INSPACE Sea Pavilion Residences Stake: 100% Stake: 49% Stake: 100 % Tenure: Freehold Tenure: Freehold Tenure: Freehold Est GDV: S$37 million Est GDV: S$139 million GDV: S$33 million
Slide 20: Sales Milestone – Overseas since year 2018
Sales Milestone – Overseas since year 2018 Project % sold Revenue Royal Wharf Additional 195 units sold (Total SGD 253 million 95% units sold) Dublin Landings Office Block No. 1, 2, 3, 4 and 5; SGD 1.15 billion Part of Block B and E KLCC (So Sofitel 200/200 (Phase 1) 100% SGD 146 million Total Sales
Slide 21: Timeline of launches - Overseas Projects
Timeline of launches - Overseas Projects Project Launch Date Top Date Remaining Revenue Royal Wharf Launched 2019 - 2020 SGD 134 million (in phases) Deanston Wharf TBC 2024 SGD 647 million Dublin Landings (Residential and Launched 2018 - 2020 SGD 11 million Approximately office) (in phases) Connolly
Slide 22: Development Portfolio – Overseas: United Kingdom
Development Portfolio – Overseas: United Kingdom Royal Wharf Stake: 100% Tenure: Freehold Est GDV: S$2.6 billion No. of units: 3,385 Sold: 3,213 units (95%) Artist’s impression Artist’s impression Deanston Wharf Stake: 50% Tenure: 999-year leasehold Est GDV: S$647 million Artist’s impression No. of
Slide 23: Development Portfolio – Overseas: Cambodia
Development Portfolio – Overseas: Cambodia The Bridge Stake: 50% Tenure: Freehold Est GDV: S$559 million No. of units: 2,477 (comprise of residential, SOHO and retail units) Sold: 2,406 units (97%) The Peak Stake: 79% Tenure: Freehold Est GDV: S$691 million No. of units: 2,358 (comprise of residenti
Slide 24: Development Portfolio – Overseas: Cambodia (continued)
Development Portfolio – Overseas: Cambodia (continued) The Palms Stake: 79% Tenure: Freehold Est GDV: S$138 million No. of units: 220 Sold: 66 units Phase 1 – 57% Artist’s impression The Garage Stake: 79% Tenure: Freehold Est GDV: S$403 million No. of units: TBD Artist’s impression 23
Slide 25: Development Portfolio – Overseas: Ireland
Development Portfolio – Overseas: Ireland Artist’s impression Artist’s impression Dublin Landings Connolly Stake: 84% (residential), 79.5% (office) Stake: 90% Tenure: 300 year-leasehold Tenure: 300 year-leasehold Est GDV: S$1.2 billion Est GDV: S$1.0 billion* Sold: Office Block No. 1, 2, 3, 4, 5, Pa
Slide 26: Development Portfolio – Overseas: China
Development Portfolio – Overseas: China 中新健康城 Gaobeidian / Sino-Singapore Health City Stake: 27.5% Tenure: 40/50/70-year leasehold (varied across the developments within the Township) Est GDV: S$4 billion* No. of units: Township development with 20,000 residential units Artist’s impression Sold: 180
Slide 27: Development Portfolio – Overseas: Myanmar
Development Portfolio – Overseas: Myanmar Yangon Central Railways Station Area Comprehensive Development Project Stake: 30% Tenure: Leasehold Est GDV S$3.3 billion Type: Transit-oriented development Artist’s impression 26
Slide 28: Development Portfolio – Overseas: Vietnam
Development Portfolio – Overseas: Vietnam Mozac Stake: 36% Tenure: Land – Freehold* *Freehold - If residential units were sold to locals 50-year leasehold - If residential units were sold to foreigners 50-year leasehold - Retail spaces Est GDV: S$107 million Type: 270 residential units and 300 sqm o
Slide 29: Development Portfolio – Overseas: Vietnam
Development Portfolio – Overseas: Vietnam WATERFRONT HAMLET Stake: 80% Tenure: Land – 50 years leasehold for all sectors * *Freehold - If residential units were sold to locals. Est GDV: S$781 million (Based on phase 1 of development) Type: Township development Artist’s impression 28
Slide 30: Development Portfolio – Overseas: Cyprus
Development Portfolio – Overseas: Cyprus Limassol Oxley Cyprus Development Stake: 50% Tenure: Freehold Est GDV: S$736 million Type: Mixed-use development comprising a 270-room hotel and 80 residential units Artist’s impression 29
Slide 31: Development Portfolio – Overseas: Malaysia
Development Portfolio – Overseas: Malaysia Jumeirah Resi & SO Sofitel Resi Stake: 100% Tenure: Freehold No. of units: 267 (Jumeirah Resi) 590 (SO Sofitel Resi) Sold: 222 units SO Sofitel Resi: Phase 1 – 100% Phase 2 – 6% Oxley Towers, Kuala Lumpur City Centre - Office & Retail Stake: 100% Tenure: Fr
Slide 32: Investment Portfolio
Investment Portfolio 31
Slide 33: Investment Portfolio – Commercial & Office – Singapore
Investment Portfolio – Commercial & Office – Singapore 30 Raffles Place Stake: 17.65% Tenure: 99-year leasehold since Dec 1989 (69 years remaining) Land Area (sqm): 2,778 Net Lettable Area (sqm): Increase from 24,273 (current) to 34,834 (with asset enhancement initiative (“AEI”)) Indicative Valuatio
Slide 34: Investment Portfolio – Industrial – Singapore
Investment Portfolio – Industrial – Singapore Space @ Tampines Stake: 70% Tenure: 30-year leasehold Land Area (sqm): 38,800 Gross Floor Area (sqm): 65,893 Indicative Valuation: S$200 million 33
Slide 35: Investment Portfolio – Commercial – Singapore
Investment Portfolio – Commercial – Singapore The Rise @ Oxley Stake: 100% Tenure: Freehold Land Area (sqm): 2,381 Gross Floor Area (sqm): 1,529 No. of commercial units: 29 Indicative Valuation: S$75 million Floravista Stake: 55% Tenure: Freehold Land Area (sqm): 5,721 Gross Floor Area (sqm): 1,400
Slide 36: Investment Portfolio – Hospitality – Singapore
Investment Portfolio – Hospitality – Singapore Novotel Singapore on Stevens/ Mercure Singapore on Stevens Stake: 100% Tenure: Freehold No. of rooms: Novotel - 254; Mercure – 518 No. of commercial units: 11 Indicative Valuation: S$1.053 billion Hotel : S$0.953 billion Commercial: S$0.100 billion 35
Slide 37: Investment Portfolio – Hospitality – Overseas
Investment Portfolio – Hospitality – Overseas Shangri-La Hotel Location: Cambodia Stake: 79% Tenure: Freehold No. of rooms: 300 Indicative Valuation: S$150 million Artist’s impression Limassol Oxley Cyprus Development Location: Cyprus Stake: 50% Tenure: Freehold No. of rooms: 250 Indicative Valuatio
Slide 38: Investment Portfolio – Hospitality – Overseas
Investment Portfolio – Hospitality – Overseas SO Sofitel Kuala Lumpur Hotel Stake: 100% Tenure: Freehold No. of rooms: 210 Indicative Valuation: S$134 million Jumeirah Kuala Lumpur Hotel Stake: 100% Tenure: Freehold No. of rooms: 186 Artist’s impression Indicative Valuation: S$152 million Artist’s i
Slide 39: Mergers and Acquisitions
Mergers and Acquisitions 38
Slide 40: Key Investment – Pindan Group Pty Ltd
Key Investment – Pindan Group Pty Ltd On 7 October 2019, Oxley Holdings acquired the remaining 60% of Pindan Group Pty Ltd (“Pindan Group”). Prior to the acquisition, Oxley Holdings held 40% interest in Pindan Group. Pursuant to the acquisition, Pindan Group had become a wholly-owned subsidiary of
Slide 41: Key Investment – Aspen (Group)
Key Investment – Aspen (Group) Oxley Holdings has acquired more than 10% of Catalist-listed Aspen Group for more than S$23 million. Company profile: Aspen (Group) Holdings Limited (“AGH”) is a company incorporated in Singapore and is listed on the Catalist of the Singapore Exchange Securities Tradin
Slide 42: Key Associates – Galliard (Group)
Key Associates – Galliard (Group) Oxley owns a 18.8% effective stake in Galliard Group. Galliard has a portfolio of over 8,500 residential units and hotel suites plus circa 750,000 ft of commercial floor space across London and southern England, with an additional over 3,600 units subject to plannin
Slide 43: Overview of Group's Exposure
Overview of Group’s Exposure 42
Slide 44: Overview of Oxley's Development Portfolio
Overview of Oxley’s Development Portfolio As at 3 February 2020 43
Slide 45: Overview of Oxley's Development Portfolio (continued)
Overview of Oxley’s Development Portfolio (continued) As at 3 February 2020 S$3.3 billion of unbilled contract that will be Substantial earnings visibility going forward billed progressively Significant amount of land bank that will contribute to Remaining GDV of S$15.4 billion in our portfolio futu
Slide 46: 4. Financial Overview
4. Financial Overview • Financial Policy & Target • Financial Results • Credit Metrics • Debt Profile • Stock Information & Dividend History 45
Slide 47: Financial Policy and Target
Financial Policy and Target ◼ Declining total debt / capitalisation Leverage ◼ Maintain as much unencumbered assets as possible for future funding flexibility ◼ Maintain access to multiple funding sources including bank loans and capital market funds Liquidity ◼ Maintain cash balance of at least 10%
Slide 48: Consolidated Income Statement
Consolidated Income Statement Second Quarter Ended (S$ million) 31-Dec-19 31-Dec-18 (Unaudited) (Restated)** % Revenue 311 355 -12% Gross profit 37 46 -21% Operating profit * 30 85 -65% Finance costs (42) (39) 8% Share of results from associates and joint 17 0.2 N.M. ventures, net of tax Profit befo
Slide 49: Consolidated Financial Position
Consolidated Financial Position As at (S$ million) (Restated) (4) (Restated) (4) (Unaudited) 30-Jun-2018 30-Jun-2019 31-Dec-2019 Cash & Cash Equivalents 255 474 324 Development Properties 2,078 2,594 2,599 Total Assets 5,931 6,100 5,729 Current Borrowings 246 1,342 828 Non-Current Borrowings 3,214 2
Slide 50: Credit Metrics
Credit Metrics Total net debt / Equity Total debt / Assets 2.27x 2.20x 58.7% 58.3% 1.94x 54.4% 2018A 2019A 6M 2020 2018A 2019A 6M 2020 Source: Company information. 51
Slide 51: Debt Maturity Profile
Debt Maturity Profile Debt Maturity Profile - Calender Year 1600 1400 1200 703 1000 Project 800 IP Loan 321 Corporate 151 Bond 600 9 80 603 400 184 178 480 200 9 7 72 9 10 4 150 150 0 2020 2021 2022 2023 2024 2025 2026 2027 Debt Maturity Profile is computed on calendar basis *Investment Property Loa
Slide 52: Debt Maturity Profile – 2020 and 2021
Debt Maturity Profile – 2020 and 2021 2020 Debt Repayment Debt Maturity Profile for Oxley Group 2021 Debt - Project Debts will be repaid from project account, Repayment using proceeds collection from buyers as company have good pre-sales from project launch. Project debt includes repayment of Royal
Slide 53: Debt Maturity Profile – 2022 to 2023
Debt Maturity Profile – 2022 to 2023 Debt Maturity Profile for Oxley Group 2022 - 2023 Debt Repayment - Project Debts and MTN Bond in 2022 will be repaid using revenue received from 2nd batch of Singapore projects which will TOP in 2022, assuming projects are 100% sold by TOP. - IP Loan will be refi
Slide 54: Stock Information & Dividend History
Stock Information & Dividend History 5 10.0% (As at 4 Feb 2020) OHL SP 8.9% 4.5 9.0% Price S$0.340 Market Cap S$1.4b 4 8.0% Dividend Per Share (S cts) PE 9.695x 3.5 7.0% 3.48 Dividend Yield (%) PB 1.004x 3 6.0% Free float 18.55% 2.5 4.9% 5.0% 4.3% 2 3.8% 4.0% 1.90 3.3% 1.5 3.0% 1.50 1.50 1 2.0% 1.00
Slide 55: Thank you
Thank you Org, OXLEY HOLDINGS LIMITED
Oxley Holdings — Investor Presentation (February 2020) on 6ix