- 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.
