PropNex - Phillip Securities 2023-08-13: Expecting A Stronger 2H23

PropNex - Expecting A Stronger 2H23

PropNex (SGX:OYY) | SGinvestors.ioPropNex (SGX:OYY)
  • PropNex (SGX:OYY)'s 1H23 results were below expectations. Revenue and PATMI were 33%/30% of our FY23e forecast. Adjusted PATMI declined 24% y-o-y to S$20.8mil. Cooling measures and a dearth of new launches pushed revenue lower.
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  • We lower our FY23e earnings forecast for PropNex by 9% to S$62.1mil and reduce the DCF target price to S$1.16 (previously S$1.20). Our recommendation is downgraded from BUY to ACCUMULATE.
  • PropNex's dividend yield is attractive at 6.3%, well supported by FCF and S$140mil net cash on balance sheet.
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The Positive

Returning the surge in cash-flow.

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

Paul Chew Phillip Securities Research | 2023-08-13

Previous report by Phillip:
2023-03-06 PropNex - Nice Set-Up For 2023.

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


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