- 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 the excerpt from report by DBS Group Research.
Clients of DBS may access the full report in PDF @ https://www.dbs.com/insightsdirect/.
Lee Keng LING DBS Group Research | https://www.dbs.com/insightsdirect/ 2023-05-15
Read also DBS's most recent report:
2024-03-01 APAC Realty - Modest Transaction Volume Growth Ahead.
Previous report by DBS:
2023-11-09 APAC Realty - Still Adjusting To Cooling Measures.
Price targets by 2 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 Dividends & Corporate Actions,
APAC Realty News Articles
