PropNex - OCBC Investment Research 2025-02-26: Salesforce Continues To Scale

• PropNex's FY24 revenue and PATMI decreased by 6.6% and 14.4% y-o-y, reaching S$783.0m and S$40.9m, respectively. These figures represent 93% and 85.6% of our estimates.
• Management estimates that ~90% of the revenue from private new homes transacted in 4Q24 – over 50% of the total new private homes transacted in 2024 – will only be recognised in 2025.

FY24 PATMI came in below expectations but with a good reason.

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• Additionally, PropNex has expanded its sales force ~1.8 times faster than its closest competitor, achieving a 5-year compound annual growth rate of 8.7%, bringing the total to 12,636 salespersons. The company expects to reach 15,000 salespersons by the end of 2027.
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Expect continued growth in Singapore’s residential market.

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Above is an excerpt from a report by OCBC Investment Research.
Clients of OCBC Securities may be the first to access the full PDF report @ https://www.iocbc.com/.

Previous report by OCBC:
2025-01-21 PropNex - Demand & Supply Mechanism Taking Its Course.

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