- 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.
- - Read this at SGinvestors.io -
- 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.
- - Read this at SGinvestors.io -
Expect continued growth in Singapore’s residential market.
- Read more at SGinvestors.io.
Above is the excerpt from report by OCBC Investment Research.
Clients of OCBC Securities may be the first to access the full report in PDF @ https://www.iocbc.com/.
Donovan Tan OCBC Investment Research | https://www.iocbc.com/ 2025-02-26
Previous report by OCBC:
2025-01-21 PropNex - Demand & Supply Mechanism Taking Its Course.
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 Dividend Payout Dates & Corporate Actions,
PropNex News
