- PropNex (SGX:OYY) reported 4Q22 revenue of S$298.4m, +23.3% y-o-y, underpinned by a sharp jump in agency services revenue. PATMI grew by 24.5% y-o-y to S$17.8m on lower staff costs and one-off gain on disposal of an associate, partly offset by a slight dip in gross profit margin to 10.3% due to product mix and higher other expenses. See PropNex's announcement dated 28 Feb 2023. FY22 revenue improved by 7.5% y-o-y to S$1.03bn while PATMI was 3.9% higher to S$62.4m.
- - Read this at SGinvestors.io -
- - Read this at SGinvestors.io -
- PropNex (SGX:OYY) reported 4Q22 revenue of S$298.4m, +23.3% y-o-y, underpinned by a sharp jump in agency services revenue. PATMI grew by 24.5% y-o-y to S$17.8m on lower staff costs and one-off gain on disposal of an associate, partly offset by a slight dip in gross profit margin to 10.3% due to product mix and higher other expenses. See PropNex's announcement dated 28 Feb 2023. FY22 revenue improved by 7.5% y-o-y to S$1.03bn while PATMI was 3.9% higher to S$62.4m.
- PropNex proposed a final dividend of S$0.08, bringing full-year dividend to S$0.135. See PropNex's dividend dates. PropNex also proposed a 1-for-1 bonus issue to encourage improved trading liquidity. PropNex indicated that it will change to half-yearly reporting w.e.f. FY23F.
- FY22 revenue from agency services grew 23.3% to S$640.6m, thanks to higher commission fees from rental, HDB and private resale segments. Although transaction volumes were lower y-o-y, PropNex continued to benefit from higher market shares of 37.3%- 59% as its agent force grew 8% y-o-y to 11,667.
- Read more at SGinvestors.io.
Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @ https://www.itradecimb.com.sg/.
LOCK Mun Yee CGS-CIMB Research | https://www.cgs-cimb.com 2023-02-28
Previous report by CGS-CIMB:
2022-11-11 PropNex - Propped Up By Larger Market Share.Price targets by 3 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
PropNex - Making The Right Moves
PROPNEX LIMITED (SGX:OYY)
