- PropNex (SGX:OYY)'s FY25 revenue was within expectations. PATMI was below our FY25e estimates at 89%. Margins and interest income were below our estimates. FY25 PATMI jumped 72% to S$70.4mil. FY25 ordinary dividends jumped 81% to 9.5 cents (or 100% payout ratio).
- - Read this at SGinvestors.io -
The Positive
New home sales drive growth.
- 2H25 new home sales or project marketing jumped 86% y-o-y to S$176mil. Industry new home sales (excluding EC) for the six-month period 2Q-3Q25 jumped 139% y-o-y.
- Market share in new launches dipped in FY25 to 48.9% (2024: 54.2%). New launches with strong take-up rates are more reliant on balloting (or luck) than sales processes to complete the transaction.
Strong cash generation.
- - Read this at SGinvestors.io -
- Agent payables are only paid when cash is collected from developers. CAPEX was a minimal S$0.4mil.
The Negative
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