PropNex - Phillip Securities 2024-08-16: Stronger 2H24 Expected

PropNex - Stronger 2H24 Expected

Published:
PropNex (SGX:OYY) | SGinvestors.ioPropNex (SGX:OYY)
  • PropNex (SGX:OYY)'s 1H24 results were below expectations. Revenue and PATMI were 39%/33% of our estimates. Earnings dragged down by a 20% y-o-y drop in new home sales revenue to S$91mil. The lack of new launches in 1H24 was the reason for the weakness.
  • - Read this at SGinvestors.io -
  • We lower our FY24e earnings forecast for PropNex by 11% to S$50.3mil. Our revenue is cut by 6% to account for the disappointing new launch revenue.

The Positive

Growth in resale revenue.

  • The combined resale revenue of private and HDB properties grew 7.4% y-o-y to S$161mil. The median transacted price gap between a new and resale home is 23% to 40%, depending on the region. Declining affordability and unit size are other drivers for resale.
  • - Read this at SGinvestors.io -

The Negative

New launch revenue contracted for 2 years.

  • 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/ 2024-08-16



Previous report by Phillip:
2024-03-04 PropNex - Challenging But Bottomed.

Price targets by 2 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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