- PropNex (SGX:OYY) reported a 106.3% y-o-y jump in net profit for FY21 to S$60.0m, 10% higher than our estimate. Revenue surged 86.5% to S$957.5m. The strong performance was a result of higher number of transactions completed in the year, following improvements in both the COVID-19 situation and the economy.
- - Read this at SGinvestors.io -
- A final dividend of S$0.07 was proposed, bringing total dividends for FY21 to S$0.125, representing dividend payout ratio of 77%, vs 70% in FY20.
- PropNex remains debt free, and has a robust balance sheet with cash balance of S$145.6m as at 31 December 2021, compared to S$105.8m a year ago.
Buoyant property market; overall home prices up 10.6% for 2021.
- - Read this at SGinvestors.io -
- For the whole of 2021, overall private home prices have risen by a strong 10.6%. Prices could ease 3% to 5% in 2022 as the new cooling measures weigh on investment demand.
- PropNex's sales force crossed 11,125 as at 17 February 2022, further cementing its market leadership position. We can expect PropNex’s market share for all the various segments to improve going forward with the 24.7% increase in sales force, compared to a year ago.
Expect private new home sales segment to be hardest hit by cooling measures.
- Read more at SGinvestors.io.
Above is the excerpt from report by DBS Group Research.
Clients of DBS may access the full report in PDF @ https://www.dbs.com/insightsdirect/.
Lee Keng LING DBS Group Research | https://www.dbs.com/insightsdirect/ 2022-02-25
Read also DBS's most recent report:
2023-08-11 PropNex - 1H23 Results Below Estimates, Expecting A Better 2H23.
Previous report by DBS:
2023-03-01 PropNex - Riding On The Resilient Property Market.
Price targets by 4 other brokers at PropNex Target Prices.
Listing of research reports at PropNex Analyst Reports.
Relevant links:
PropNex Share Price History,
PropNex Announcements,
PropNex Dividends & Corporate Actions,
PropNex News Articles
