PropNex - Maybank Research 2025-08-12: Scaling The Summit

• While we still like PropNex for its market leadership and net cash position, we suggest to wait for a better entry level.

1H25 earnings beat; no special dividend as speculated.

• - Read this at SGinvestors.io -
• Cash interim PropNex's dividends of 5 cents (1H24: 2.25 cents) represents a payout ratio of 88% although we are slightly disappointed with the lack of special dividend, as widely anticipated by the market.

Robust new home sales with growing salesforce.

• - Read this at SGinvestors.io -
• While primary homes sales momentum could continue in the near-term amid its growing salesforce and strong supply pipeline, we note that agent commission rates paid by developers may no longer be as high as before.

HBD resale market likely to remain muted.

• Read more at SGinvestors.io.

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

Previous report by Maybank:
2025-02-25 PropNex - Delayed Gratification; 2H24 Below As Profits Spill Over To FY25.

Price targets by 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