PropNex (SGX:OYY)'s 2H25 net profit of S$28.1m (-33% h-o-h, +28% y-o-y) was below market expectations. FY25 earnings of S$70.4m came in at 96%/90% of MIBG/consensus’ full-year estimates.
2H25 earnings miss, but generous dividends
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We tweaked our FY26-27E EPS and introduced FY28 forecasts in the report.
New home sales to decline with less launches in 2026
2H revenue rose 18% y-o-y to S$517.5m (-13.6% h-o-h), mainly driven by higher commission income from project marketing services given the pick-up in private residential project launches compared to 2024. However, GPM narrowed more than expected to 9.4% (-1.6ppt) in 2H due to fewer new home sales, resulting in a less favourable sales mix.
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Meanwhile, management believes private home prices should continue to increase at a more moderate pace of 3-4% in 2026.
Resale market may remain slow unless policy change
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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/.
