- PropNex (SGX:OYY)’s 1H23 result was soft, although not totally unexpected as buyer sentiment was affected by two recent property cooling measures. 1H net profit of S$22m (-18.4% y-o-y) achieved only 39%/35% of MIBG/street’s full-year forecasts.
- - Read this at SGinvestors.io -
- PropNex declared an interim dividend of 2.5 cents, thus raising its dividend payout ratio (DPR) to 84%, to our surprise. We believe PropNex is increasingly seen as a sustainable yield play given its strong balance sheet. Maintain BUY.
Slow 1H sales after two cooling measures
- - Read this at SGinvestors.io -
- As a result, 1H gross profit margin also narrowed by 0.3ppt to 9.8% in tandem with changes in sales mix as project marketing (which accounted for 31% of sales in 1H23 vs almost 39% a year ago) typically commands higher margins.
Large pipeline of project launches in 2H23
- Read more at SGinvestors.io.
Above is the excerpt from report by Maybank Research.
Clients of Maybank Securities may be the first to access the full report in PDF @ https://maybanktrade.com.sg/.
Eric Ong Maybank Research | https://www.maybank-ke.com.sg/ 2023-08-10
Read also Maybank's most recent report:
2024-02-28 PropNex - Momentum Stalls; Downgrade To HOLD.
Price targets by 3 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
