PropNex - Maybank Research 2023-02-28: Marching On

PropNex - Marching On

  • PropNex (SGX:OYY)'s 4Q22 PATMI jumped 24.5% y-o-y to S$17.8m, beating our and market expectations. This took FY22 earnings to S$62.4m (+3.9% y-o-y) and accounts for ~115%/109% of MIBG/street’s full year estimates.
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  • PropNex declared a final dividend of S$0.08, bringing total dividend to S$0.135 fo FY22, representing a payout ratio of 80%. See PropNex's dividend dates.

Full year revenue surpasses S$1.0b mark

  • PropNex's revenue rose 23.3% y-o-y to S$298.4m in 4Q, mainly due to increase in commission income from both agency and project marketing services. This came on the back of a higher number of transactions completed despite the rising interest rates environment.
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  • Compared with its closest peer, APAC Realty (SGX:CLN)’s 2H22 results, PropNex looks to be gaining market share at the expense of competitors.

Transaction volumes to rebound in 2023

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Above is the excerpt from report by Maybank Research.
Clients of Maybank Securities may be the first to access the full report in PDF @

Eric Ong Maybank Research | 2023-02-28

Read also Maybank's most recent report:
2024-02-28 PropNex - Momentum Stalls; Downgrade To HOLD.

Previous report by Maybank:
2023-08-10 PropNex - Weak 1H23; Expect A Stronger 2H23.

Price targets by 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


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