PropNex - UOB Kay Hian 2025-02-26: 2024 Earnings Missed Estimates But Investors Should Focus On 2025.

• PropNex offers a defensive yield of 6.1% for 2025F, which does not include the potential for further special dividends.
• Although 2024 earnings missed, we highlight that the latter half of 2H24 and 1Q25-to-date saw very strong sales from new launches.
• - Read this at SGinvestors.io -

Focus On Strong 1H25 & 2H25 Results Instead Of Earnings Miss

• PropNex reported 2024 net profit of S$40.9m (-14% y-o-y) on revenue of S$783m (-7% y-o-y), missing our and consensus estimates.
• - Read this at SGinvestors.io -

Special dividend declared.

• PropNex proposed a final dividend of S$0.03/share and a special dividend of S$0.025/share, bringing the total 2024 dividend to S$0.0775/share (or a 140% payout ratio) and the highest since its listing in 2017. See PropNex's dividends payout dates. This implies a 6.8% yield based on yesterday’s closing PropNex's share price.
• We do not rule out the possibility of another special dividend from its 1H25 results, which we expect to be strong.

Bright outlook in 2025.

• Read more at SGinvestors.io.

Adrian LOH UOB Kay Hian Research | https://research.uobkayhian.com/ 2025-02-26 SGinvestors.io

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