APAC Realty - RHB Invest 2023-05-18: Weighed Down By Cooling Measures

APAC Realty - Weighed Down By Cooling Measures

APAC Realty (SGX:CLN) | SGinvestors.ioAPAC Realty (SGX:CLN)
  • APAC Realty's 1Q23 net profit missed expectations amid a sharp slowdown in residential transactions. Recent cooling measures in April are expected to further dampen resale volume but new sales transactions should see a slight uptick in 2H23, supported by more new launches.
  • - Read this at SGinvestors.io -

1Q23 net profit fell sharply

  • APAC Realty (SGX:CLN)'s 1Q23 net profit fell sharply by 67% y-o-y, impacted by a 48% decline in new home brokerage revenue on the back of lower new launches while resale and rental segment revenue declined by 13%.
  • - Read this at SGinvestors.io -
  • We cut FY23F-24F net profit forecast for APAC Realty by 14% and 12% by lowering our transaction volume assumption for the secondary market by 15% (from -5%) and assume small losses from its overseas operations.

2H expected to fare better.

  • Read more at SGinvestors.io.

Vijay Natarajan RHB Securities Research | https://www.rhbgroup.com/ 2023-05-18

Read also RHB's most recent report:
2024-03-08 APAC Realty - Transaction Volumes To Remain Soft.

Previous report by RHB:
2023-11-14 APAC Realty - A Muted Outlook.

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 Dividends & Corporate Actions,
APAC Realty News Articles


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