APAC Realty - DBS Research 2023-05-15: 1Q23 Below Expectations; Expect Lower Transaction Activities

• APAC Realty (SGX:CLN)'s total revenue for 1Q23 was down 29% y-o-y to S$121.4m. Within the segment, new home brokerage revenue declined 49% to S$39.4m, as new launches over the last six months were limited. Resale and rental brokerage revenue dropped 13% to S$80.3m.
• - Read this at SGinvestors.io -
• Overall, revenue/gross profit/net earnings accounted for 18%/19%/11% of our full-year forecasts, below expectations.

Prices higher for both private and HDB resale in 1Q23 but private segment registered lower volume while HDB was stable.

• For the overall property market, the private property prices were up 3.3% q-o-q (+11.4% y-o-y) in 1Q23, much faster than whole of 2022 at 8.4%. New home (excl. ECs) sales decreased 31.2% to 1,256 units as compared to 1Q22, mainly due to fewer new launches.
• - Read this at SGinvestors.io -
• The HDB resale price index is showing signs of stabilizing, grew 1.0% q-o-q (+8.8% y-o-y), the lowest in the last 10 quarters.

Growing agent strength.

• Read more at SGinvestors.io.

Above is an excerpt from a report by DBS Group Research.
Clients of DBS may access the full PDF report @ https://www.dbs.com/insightsdirect/.

Read also DBS's most recent report:
2025-08-11 APAC Realty - High Yield, High Growth.

Previous report by DBS:
2025-03-03 APAC Realty - At Earnings Inflection Point.

Price targets by other brokers at APAC Realty Target Prices.

Listing of research reports at APAC Realty Analyst Reports.

Relevant links:
APAC Realty Share Price History,
APAC Realty Announcements,
APAC Realty Dividend Payout Dates & Corporate Actions,
APAC Realty News