PropNex - DBS Research 2026-03-02: Balanced Risk-reward

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FY25 revenue reached a record high of S$ 1,116mil (+42.6% y-o-y), mainly driven by the Project Marketing Services segment (+133.9% y-o-y) on strong new home sales momentum. With a shift in product mix to higher new private residential sales, gross profit and net profit margins expanded to 10.3% (+1.2ppt y-o-y) and 6.3% (+1.1ppt y-o-y) respectively in FY25.

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A high dividend play.

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Tabitha FOO DBS Group Research | https://www.dbs.com/insightsdirect/ 2026-03-02

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