PropNex - Maybank Research 2023-08-10: Weak 1H23; Expect A Stronger 2H23

PropNex - Weak 1H23; Expect A Stronger 2H23

PropNex (SGX:OYY) | SGinvestors.ioPropNex (SGX:OYY)
  • 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.
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  • 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

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  • 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

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Above is the excerpt from report by Maybank Research.
Clients of Maybank Securities may be the first to access the full report in PDF @

Eric Ong Maybank Research | 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


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