APAC Realty - RHB Invest 2023-03-06: A Quieter Year Ahead

• APAC Realty’s FY22 net profit exceeded expectations on the back of robust market activity last year, but it is expected to soften in 2023 as rising interest rates and cooling measures take a bite.
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• APAC Realty's share price remains supported by ~7% yields and its net cash position.

APAC Realty - FY22 Earnings Review & FY23 Earnings Outlook

• APAC Realty (SGX:CLN)'s FY23 earnings expected to decline 21% y-o-y, as we forecast residential transaction volumes to decline on the back of a more cautious buying sentiment. This comes after a 25% y-o-y decline in profits in FY22, which was above our expectations (110% of our forecast), as market activity remained robust.
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• APAC Realty declared a final dividend of 2.75 cents, taking full-year dividend to 6.25 cents, which translates into a ~75% pay-out ratio and a 10% yield. See APAC Realty's dividend dates.

Primary volumes to remain steady, resale volumes to slow down.

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Vijay Natarajan RHB Securities Research | https://www.rhbgroup.com/ 2023-03-06 SGinvestors.io

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