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

• 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 an excerpt from a report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full PDF report @ https://www.stocksbnb.com/.

Read also Phillip's most recent report:
2025-02-27 PropNex - Bumper 25th Anniversary Expected.

Previous report by Phillip:
2024-08-16 PropNex - Stronger 2H24 Expected.

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 Dividend Payout Dates & Corporate Actions,
PropNex News