- Slower transaction activity leading to PropNex (SGX:OYY)'s weaker 1H23 results. Revenue in 1H23 declined 22.9% y-o-y to $364.3m, mainly due to fewer transactions completed for agency and project marketing services. Net profit was down 18.4% y-o-y as gross margin eased to 9.8% from 10.1% in 1H22 and 10.2% in 2H22. The weaker margin was mainly due to lower transactions.
- - Read this at SGinvestors.io -
- An interim dividend of 2.5 cents was declared, representing a payout ratio for 1H23 of 83.9% vs 80.1% in FY22. See PropNex's dividend date.
Dip in private home prices; HDB resale saw moderate increase.
- Private home prices slipped for the first time in three years in 2Q23, affected by three rounds of cooling measures since December 2021, and the high interest rate environment. Meanwhile, HDB resale flat prices continued to rise at a more moderate pace while the growth in private home rentals slowed considerably in 2Q23.
- - Read this at SGinvestors.io -
- For the rental segment, the URA Rental Index continued to rise for the 11th consecutive quarter in 2Q23, albeit at a much slower pace. Rentals climbed by 2.8% q-o-q, compared to the 7.2% q-o-q growth in the previous quarter. On a y-o-y basis, private home rentals in 2Q23 were up by 28.5%.
More new launches in 2Q23 vs 1Q23.
- 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/ 2023-08-11
Previous report by DBS:
2023-03-01 PropNex - Riding On The Resilient Property Market.
Price targets by 4 other brokers at PropNex Target Prices.
Listing of research reports at PropNex Analyst Reports.
Relevant links:
PropNex Share Price History,
PropNex Announcements,
PropNex Dividends & Corporate Actions,
PropNex News Articles
