APAC Realty - RHB Research 2026-02-24: Earnings Have Peaked

• APAC Realty (SGX:CLN)’s strong 2H/FY25 net profits were in line. Primary transaction volumes – its key earnings driver – are expected to be 10-15% lower y-o-y in 2026 on the back of slightly fewer new launches.
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• We believe current APAC Realty's share price at 15x FY26F P/E is close to fair value. Downside, however, remains well-supported by a ~5% dividend yield.

Expecting slight dip (~5%) in FY26 net profit.

• We forecast Singapore private new home sales (2026) to be at 9,000-10,000 units, which is 10-20% lower than 2025. This is mainly due to a ~10% reduction in the new launch supply pipeline. Resale and rental market transaction volumes are expected to be relatively flattish y-o-y.
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Focus on building more productive agents.

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

Previous report by RHB:
2025-09-16 APAC Realty - Richly Valued; Downgrade To NEUTRAL.

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