PropNex - DBS Research 2023-03-01: Riding On The Resilient Property Market

• PropNex (SGX:OYY) reported a record FY22 revenue of S$1,029.2m, up 7.5% y-o-y, largely due to the robust residential resale and rental market, despite the cooling measures introduced in end-September last year.
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PropNex's 4Q22 results were healthy.

• PropNex's 4Q22 revenue increased 23.3% y-o-y to S$298.4m while net profit gained 25% to come in at S$17.8m. This was achieved despite limited new project launches and a decline in the growth of home prices in 4Q22.
• PropNex has proposed a 1-for-1 bonus issue and a final dividend of 8 cents, bringing full-year dividend to 13.5 cents (12.5 cents in FY21), equivalent to an 80% payout ratio (77% in FY21). See PropNex's dividend dates.

Maintaining leadership position with largest network.

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Healthy project pipeline, more than double that of 2022.

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Lee Keng LING DBS Group Research | https://www.dbs.com/insightsdirect/ 2023-03-01 SGinvestors.io

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