Chart of the Day: Which luxury developer has the highest debt level?

Its gearing stands at a whopping 169%.

Although most high-end developers have reasonably robust balance sheets, some companies are bucking the overall trend with their extremely high debt levels.

This chart from OCBC Investment Research shows that homegrown property developer Roxy-Pacific Holdings has the highest gearing among luxury developers, with its gearing ratio at a staggering 169%.

Frasers Centrepoint came in second with a net gearing of 95%, while the country's largest property developer CapitaLand was a far third with a net gearing of 57%.

Among those with the lowest debt levels are Sim Lian, Wheelock and Wing Tai.

“We believe investors should seek exposure to high-end developers with strong balance sheets that are trading at attractive discounts to fair values. We like Wing Tai, which has high 37% net asset exposure to the high-end market, and a low gearing of 11%. We also like Wheelock Properties (S) and OUE, which both have strong balance sheets, heavy exposure to the high-end segment and attractive valuations,” OCBC said.

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