APAC Realty - DBS Research 2025-08-11: High Yield, High Growth

• APAC Realty (SGX:CLN) posted sharp earnings rebound in 1H25, with PATMI climbing 176.4% y-o-y to S$11.3mil, well above our expectations. The outperformance was driven by a significant expansion in gross margin to 10.5% (+1.3ppt y-o-y), underpinned by a greater share of new sales transactions, which typically yield higher margins.
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• Boosted by the shift in product mix, gross profit expanded 46.2% y-o-y to S$35.8mil.

Potential for a special dividend?

• An interim dividend of 2.7 cents was declared (1H24: 0.9 cents), representing a 78.1% payout ratio, in line with the company’s policy of distributing 50-80% of core PATMI. See APAC Realty's dividend payout date.
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Expect a stronger 2H25 on a y-o-y basis, albeit weaker than 1H25.

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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/.

Read also DBS's most recent report:
2026-02-24 APAC Realty - A More Tempered Trajectory.

Price targets by 2 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