PropNex (SGX:OYY)'s 2H23 PATMI of S$25.8m (+16.8% h-o-h; -27.1% y-o-y) came in below our and market expectations by 8%/17%. This took PropNex's FY23 earnings to S$47.8m (-23.3% y-o-y) on softer buying sentiment as transaction volumes cooled amid several rounds of property curbs since Dec 2021.
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2H23 sales rebounded less than expected
While PropNex's 2H23 revenue up 30% h-o-h to S$473.8m (-14.9% y-o-y) backed by healthy pipeline of new launches, the rebound was not as strong as we initially expected. In fact, this subdued demand was keenly reflected by new private home sales falling to a 15-year low (6,421 in 2023, down from 7,099 units sold in 2022) even though substantially more units were launched (+66.8%) by the developers during the year.
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Cautious sentiment amid macro uncertainties
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