Oxley Holdings Ltd. · SGX:5UX
Oxley — Investor Presentation (August 2016)
50 slides from Oxley's investor presentation, Aug 26, 2016
Slide 1: Oxley Holdings Limited
Oxley Holdings Limited 26 August 2016
Slide 2: Disclaimer
Disclaimer The information in this document has not been independently verified. No representation or warranty expressed or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of such information or opinions contained herein. This document
Slide 3: Group Overview, Operations, Financial Highlights
Group Overview Operations Financial Highlights Business Outlook Financial Highlights Hospitality Portfolio Hospitality Portfolio Stock Information Slide 3
Slide 4: Group overview – Oxley Holdings Limited
Group overview – Oxley Holdings Limited • Listed on SGX-ST Catalist Board in October 2010 and transferred to SGX-ST Mainboard in February 2013 • Approximately S$1.14 billion Market Cap as at 23 August 2016 • Developer of quality residential, commercial and industrial projects at competitive prices •
Slide 5: Group overview – Corporate Structure
Group overview – Oxley Holdings Limited Corporate Structure OXLEY HOLDINGS SINGAPORE PORTFOLIO OXLEY INTERNATIONAL HOLDINGS CAMBODIA CHINA MALAYSIA UK MYANMAR JAPAN IRELAND INDONESIA PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO Slide 5
Slide 6: Competitive strengths
Competitive strengths Short investment- to-sale cycle Experienced Joint- and Respon- venture committed siveness management partners team First-mover advantage Slide 6
Slide 7: Group Overview, Assets and portfolios
Group Overview Group Overview Operations Asset s and portfolios Financial Highlights Business Outlook Financial Highlights Hospitality Portfolio Hospitality Portfolio Stock Information Slide 7
Slide 8: Operations Portfolio
Operations Portfolio • Singapore • United Kingdom • Cambodia • Malaysia • China • Ireland • Indonesia • Myanmar Slide 8
Slide 9: Development portfolio - Singapore
Development portfolio - Singapore • Launched a total of 29 residential, commercial and industrial development • Development portfolio of 460,141 sqm GFA • Quality residential properties at competitive prices • Developments are usually located in bustling and dynamic areas • Sold more than $500 milli
Slide 10: Development portfolio - Singapore
Development portfolio - Singapore A. Launched and completed projects (as at 23 August 2016) No. Project Name Type GFA Percentage Sold TOP Year 1 Parc Somme Mixed 1,629 100% 2012 2 Suites@Katong Mixed 2,797 100% 2012 3 Loft@Rangoon Mixed 1,453 100% 2013 4 Loft@Stevens Residential 1,889 100% 2013 5 Ar
Slide 11: Development portfolio - Singapore
Development portfolio - Singapore A. Launched and completed projects … continued (as at 23 August 2016) No. Project Name Type GFA Percentage Sold TOP Year 21 Midtown Residences / The Midtown Mixed 16,853 99% 2016 22 NEWest Mixed 25,149 100% 2016 23 Oxley Edge Mixed 3,226 100% 2016 B. Launched but no
Slide 12: Development portfolio - Singapore
Development portfolio - Singapore Completed projects Artist’s impression Artist’s impression Artist’s impression Artist’s impression The Commerze@Irving Oxley Bizhub NEWest Projects under development Artist’s impression Artist’s impression Artist’s impression The Rise@Oxley/The Rise@Oxley Residences
Slide 13: Development portfolio – United Kingdom
Development portfolio – United Kingdom • Developing a 363,000 sqm waterfront township in East London along River Thames • Collaborating with Ballymore, one of London’s property development company, to develop 3,400 homes • Expecting Royal Wharf Phase 1, Phase 2 and Phase 3 completion in 2016, 2017,
Slide 14: Launched project – United Kingdom
Launched project – United Kingdom Property Name Royal Wharf Artist’s impression Location North Woolwich Road, London, United Kingdom Type Township Development Acquisition Date November 2013 Launched Phase 1A (Mar 14), Phase 1B (Jun 14), Phase 2 (Sep 14) Tenure Freehold & Leasehold Land Area (sq m) 1
Slide 15: Development portfolio - Cambodia
Development portfolio - Cambodia • Established strong relationships with local property developer • Developing a portfolio of 69,309 sqm land area in Phnom Penh • Launched 2 mixed-use development projects, The Bridge, and The Peak • The Bridge is expecting its completion in 2018 • The Peak is expect
Slide 16: Launched projects – Cambodia
Launched projects – Cambodia Artist’s impression Property Name The Bridge Location Village No.14, National Assembly Street, Tonle Bassac Commune, Chamkarmorn District, Phnom Penh, Cambodia Type Mixed Residential & Commercial Development Launched March 2014 - Residential June 2014 - SOHO Tenure Freeh
Slide 17: Launched projects – Cambodia
Launched projects – Cambodia Property Name The Peak Location Village No 14, Sam Dach Hun Sen Road, Tonle Bassac Commune, Chamkamorn District, Phnom Penh, Cambodia Type Mixed Residential & Commercial Development Launched Sep 2015 – Residential (Phase 1) May 2016 – Residential (Phase 2) Tenure Freehol
Slide 18: Projects to be launched - Cambodia
Projects to be launched - Cambodia Upcoming launches Development Land Area Group’s Expected No Location Tenure Type* (sq m) Stake Launch National Road #1, Kdei Takoy Village, Sangkat 1 Freehold Residential 37,689 75% 1QCY2017 Veal Sbov, Khan Meanchey, Phnom Penh Street #84, Phum #13, Sangkat Srah Ch
Slide 19: Development portfolio - Malaysia
Development portfolio - Malaysia • Established strong relationships with local land owners • Developing a portfolio of 239,263 sq m land area in Malaysia • Building the first Jumeirah Kuala Lumpur Hotel and Jumeirah Living Kuala Lumpur Residences, as well as So Sofitel Hotel and So Sofitel Kuala Lum
Slide 20: Projects to be launched – Malaysia
Projects to be launched – Malaysia Malaysia Land Parcels Development Land Area Group’s Expected No Location Tenure Type* (sq m) Stake Launch 1 Plot B3 & B5 Iskandar, Johor 99 + 30 years Mixed 17,280 100% TBC No. Hakmilik 354,Lot 904, Bt 6 Jalan Damansara, Mukim 2 Freehold Mixed 20,234 100% TBC Sunga
Slide 21: Project to be launched – Malaysia
Project to be launched – Malaysia Property Name Oxley Towers Kuala Lumpur City Centre^ (KLCC) Lot 99, Section 0058 Mukim Bandar Kuala Location Lumpur, Daerah Kuala Lumpur Type Mixed Residential & Commercial Development Expected Launch 4Q CY 2016 Tenure Freehold Land Area (sq m) 12,575 Approx. Gross
Slide 22: Development portfolio – China
Development portfolio – China • Venture into China through joint partnerships • A 10% stake in Xuancheng residential development • Developing a 102,506 sq m land area residential development in Xuancheng, An Hui Province with Sunway Group • A 27.5% stake in Gaobeidian mixed-use development • Develop
Slide 23: Project to be launched –China
Project to be launched –China Property Name 宣城新城银湖湾项目D4地块 (Xin Gang Guo Ji Cheng D4) Location North of Rixin West Road, Xuanzhou District, Xuancheng, Anhui Province, People’s Republic of China Type Residential Launched TBC Tenure Leasehold Land Area (sq m) D4 – 102,506 sqm Gross Floor Area (sq m) ~9
Slide 24: Project to be launched –China
Project to be launched –China Property Name Gaobeidian Location Plots 17, 20, 21 & 22 Shangdong New Town, An Tai Road, Gaobeidian, Hebei Province, People’s Republic of China Type Sports Village (mixed-use development) - Rock climbing stadium - Green Food Agriculture zone - Redevelopment of Residenti
Slide 25: Development portfolio – Ireland (to be launched)
Development portfolio – Ireland (to be launched) • Won a 2.35 ha mixed development site in the North Wall Quay bidding process Agreement for lease with Ireland’s National Asset Management Agency (NAMA) to develop and dispose (by way of letting or otherwise) the 2.35 ha mixed development • Next to
Slide 26: Development portfolio – other projects to be launched
Development portfolio – other projects to be launched Indonesia • Developing a land area of 20,000 sq m in Batam • Proposing to develop a mixed-use development comprising of residential, hotels ,commercial and convention hall, known as Oxley Convention City together with joint venture partner • Expe
Slide 27: Investment Portfolio
Investment Portfolio • Singapore • United Kingdom • Japan Slide 27
Slide 28: Investment portfolio – Singapore
Investment portfolio – Singapore Property Name Space@Tampines Location 18, Tampines Industrial Crescent Type Industrial Acquisition Date September 2012 Tenure 30 years leasehold Land Area (sq m) 38,800 Gross Floor Area (sq m) 65,893 Warehouse Units 71 Group’s Stake 70% Completion Date June 2015 Leas
Slide 29: Investment portfolio – Singapore
Investment portfolio – Singapore Property Name Novotel Singapore on Stevens/ Ibis Singapore on Stevens Location 30 Stevens Road Type Hotel Development Acquisition Date March 2013 Tenure 103 years leasehold Land Area (sq m) 18,477 Gross Floor Area (sq m) 29,564 No. of Hotel Rooms 254 / 528 Artist’s I
Slide 30: Investment Portfolio – Japan
Investment Portfolio – Japan Property Name Soho Akasaka Location Lot Numbers 1603 and 1604, Akasaka 2-chome, Minato-ku, Tokyo, Japan Type Residential Condominium Development Acquisition Date June 2015 Tenure Freehold Land Area (sq m) 165 Gross Floor Area (sq m) 651 No. of Units 21 Group’s Stake 100%
Slide 31: Investment portfolio – United Kingdom (Galliard Group)
Investment portfolio – United Kingdom (Galliard Group) • Acquired a 20% stake in Galliard (Group) Limited in July 2015 • Galliard Group is a leading UK developer founded in 1992 • With vertically integrated business model comprising development, construction, commercial and home letting services • G
Slide 32: Hospitality Portfolio
Hospitality Portfolio • Singapore • Malaysia • Cambodia Slide 32
Slide 33: Hospitality portfolio - Singapore
Hospitality portfolio - Singapore Novotel on Stevens & Ibis on Stevens Artist’s impression Ibis on Stevens Novotel on Stevens 528 rooms 254 rooms Lobby bar/café 300-seat ballroom Gymnasium Meeting facilities F&B outlets Fitness Centre Swimming Pool Slide 33
Slide 34: Hospitality portfolio - Malaysia
Hospitality portfolio - Malaysia Artist’s impression Artist’s impression Jumeirah Kuala Lumpur Hotel So Sofitel Kuala Lumpur Hotel 207 keys 181 keys Occupying the lower floors of the tower Occupying the upper floors of the tower 4 F&B outlets All-day dining restaurant Pool with deck an
Slide 35: Hospitality portfolio - Cambodia
Hospitality portfolio - Cambodia Shangri-La Hotel, Phnom Penh Luxury International hotel 300 rooms & suites Chinese & Specialty Restaurant Ballroom Function Rooms Lounge Bar Roof Top Bar Artist’s impression Artist’s impression Slide 35
Slide 36: Financial Highlights
Group Overview Operations Financial Highlights Business Outlook Financial Highlights Hospitality Portfolio Hospitality Portfolio Stock information Slide 36
Slide 37: Historical revenue and gross margin
Historical revenue and gross margin 1200 45 1074.1 981.4 1000 39.4 40 36.4 34.8 800 35 Gross Margin (%) Revenue (S$ ‘m) 701.8 30.2 600 30 457.7 29.1 24.6 400 25 200 159.4 20 70.9 0 15 FY11 FY12 FY13 FY14 FY15 FY16 Slide 37
Slide 38: Comprehensive income
Comprehensive income 3 months Ended Full year Ended Consolidated 30-Jun-16 30-Jun-15 30-Jun-16 30-Jun-15 (S$’000) (Unaudited) (Restated) % (Unaudited) (Restated) % Revenue 165,113 193,778 (15) 981,361 701,800 40 Gross Profit 60,131 62,994 (5) 293,871 204,110 44 Operating Profit * 96,963 76,967 26
Slide 39: Financial position
Financial position Strengthening Asset Base and Financial Position S$’m 5,000.00 4,732.50 4,500.00 4,143.70 4,000.00 3,707.20 3,500.00 3,000.00 2,655.50 2,500.00 2,430.90 2,290.30 2,000.00 1,500.00 1,000.00 901.90 715.40 762.00 500.00 0.00 30-Jun-14 30-Jun-15 30-Jun-16 Total Assets Total Tangible Ne
Slide 40: Financial position
Financial position As At Consolidated (S$ million) (Restated) (Restated) (Unaudited) 30-Jun-14 30-Jun-15 30-Jun-16 Cash & Cash Equivalents 359.9 344.0 551.3 Development Properties 2,143.3 2,478.9 2,460.7 Total Assets 3,707.2 4,143.7 4,732.5 Current Borrowings 299.3 822.8 1,420.9 Non-Current Borrowin
Slide 41: Key financial ratios
Key financial ratios Full Year Ended Full Year Ended (Restated) (Unaudited) Consolidated 30-Jun-15 30-Jun-16 Gross Margin 29.1% 29.9% Operating Margin 27.5% 34.5% Net Margin (Profit After Tax) 18.9% 30.1% EBITDA / Interest Expense 3.2x 5.7x Total Borrowings / Total Assets 0.59x 0.56x Net Borrowings
Slide 42: Debt profile and un-leveraged property assets
Debt profile and un-leveraged property assets Corporate Debt Project Debt S$101m Due FY19 Due FY17 and Due FY19 after and after Due Due S$374m FY18 FY17 S$450m S$572m S$991m FY18 S$110m Un-leveraged property assets include • Japan Akasaka • Malaysia : Section 16 land and Medini Land Note - Data as o
Slide 43: Outlook and business strategy
Group Overview Operations Financial Highlights Outlook and business strategy Business Outlook Hospitality Portfolio Hospitality Portfolio Stock Information Slide 43
Slide 44: Business outlook
Business outlook Singapore • Novotel Singapore on Stevens and Ibis Singapore on Stevens, with a combined gross development value of S$900 million, are on track to commence operations by 2017 and are expected to significantly improve Oxley’s source of recurring income • The high occupancy rate of 91%
Slide 45: Business outlook
Business outlook London • Townhouses and apartments from Phase 1 will be progressively handed over to buyers from 3Q CY2016 to mid-2017 and Oxley expects to recognise approximately £400 million in receivables upon completion. Ireland • The Group’s Dublin development, comprising four commercial block
Slide 46: Business outlook
Business outlook Cambodia • Broke ground for its second Cambodian project, The Peak, in May 2016 and launched the second residential tower comprising 507 units • Tower 1 of The Peak Residences almost 51% sold • Launched The Bridge’s retail units in Singapore at the end of May 2016. Subject to approv
Slide 47: Stock information
Group GroupOverview Overview Asset s and portfolios Financial Highlights Business Outlook Financial Highlights Hospitality Portfolio Stock information Hospitality Portfolio Stock Information Slide 47
Slide 48: Stock information
Stock information (As at 23 August 2016) OHL SP Price S$0.390 Market Cap S$1.14b PE 7.72x PB 2.12x Free float 16% Source – Bloomberg, as of 23 August 2016 Top 3 Shareholders % Holding Ching Chiat Kwong 42.98 Low See Ching 28.86 Tee Wee Sien 12.15 Stock performance vs. STI, Bloomberg, as of 23 August
Slide 49: Dividend history
Dividend history 5 10.0% 8.9% 4.5 9.0% 4 8.0% Dividend Per Share (S cts) 3.5 7.0% Dividend Yield (%) 3 6.0% 2.5 4.9% 5.0% 2 4.0% 1.5 3.0% 2.3% 1 1.90 2.0% 0.8% 1.1% 0.5 0.6% 0.91 3.48 1.0% 0.24 0.31 0.41 0 0.0% FY11 FY12 FY13 FY14 FY15 FY16 Source – Bloomberg and company announcement. FY2016 dividen
Slide 50: Thank you
Oxley Holdings Limited Thank you