- 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.
- - Read this at SGinvestors.io -
- 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.
- - Read this at SGinvestors.io -
The Positive
Returning the surge in cash-flow.
- Read more at SGinvestors.io.
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 @ https://www.stocksbnb.com/.
Paul Chew Phillip Securities Research | https://www.stocksbnb.com/ 2023-08-13
Read also Phillip's most recent report:
2024-08-16 PropNex - Stronger 2H24 Expected.
Previous report by Phillip:
2024-03-04 PropNex - Challenging But Bottomed.
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
