APAC Realty - DBS Research 2025-03-03: At Earnings Inflection Point

• APAC Realty (SGX:CLN) reported FY24 core PATMI of S$9.5mil (- 39% y-o-y), in line with expectations. However, including the Performance Share Plan (PSP) of S$2.3mil, PATMI would have been S$7.2mil (-20% y-o-y).
• - Read this at SGinvestors.io -

FY24 revenue remained relatively stable

• FY24 revenue remained relatively stable at S$561.0mil (+0.7% y-o-y), as an increase in resale and rental of properties to S$445.1mil (+10.3% y-o-y) was almost completely offset by the decline in new home sales to S$107.9mil (-25.7% y-o-y). The shift in product mix, as a result of the low number of new project launches in Singapore in 2024, led to a lower gross margin of 8.9% (-1ppt y-o-y), as new sales typically yield higher margins.
• - Read this at SGinvestors.io -

Expect a significantly stronger FY25-26F.

• Read more at SGinvestors.io.

Above is an excerpt from a report by DBS Group Research.
Clients of DBS may access the full PDF report @ https://www.dbs.com/insightsdirect/.

Previous report by DBS:
2025-01-06 APAC Realty - All Guns Blazing.

Price targets by other brokers at APAC Realty Target Prices.

Listing of research reports at APAC Realty Analyst Reports.

Relevant links:
APAC Realty Share Price History,
APAC Realty Announcements,
APAC Realty Dividend Payout Dates & Corporate Actions,
APAC Realty News