PropNex
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Singapore residential property prices increase 2.7% in 4Q23.
KGI Research
PropNex Realty (PROP SP) - Long &ndash Entry 0.92, Target 1.00, Stop 0.88
Shares closed higher above the 200dEMA with a surge in volume. 5dEMA just crossed the 200dEMA and 20dEMA just crossed the 50dEMA.
MACD is positive, RSI is constructive.
Last:0.93 
+0.025
nice ride up 🆙 ozone2002 ( Date: 24-Dec-2023 11:42) Posted:
Last:0.885 +0.02
property will likely be the beneficiary to lower int rates in 2024 |
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I think we will have to equip ourselves with the knowledge to generate passive income (multiple streams if possible) to beat the inflation and for FIRE.
Death & Taxes are as sure as sunrise.
Wishing all a Happy 2024 ahead!
Alignment ( Date: 31-Dec-2023 16:09) Posted:
| What about those people who are neither rich nor poor (of whom there are many)? |
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What about those people who are neither rich nor poor (of whom there are many)?
If you are rich, increase will not affect u. If u r poor, gst voucher will offset. So no impact
Only impact those who are poor but living rich lifestyle
hschsc ( Date: 24-Dec-2023 13:21) Posted:
| GST go up another 1 % in 2024. It is a hard year for everyone. |
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GST go up another 1 % in 2024. It is a hard year for everyone.
Last:0.885 +0.02
property will likely be the beneficiary to lower int rates in 2024
https://investor.propnex.com/newsroom/PXL_Press_Release100823.pdf
Extract from the media release: " PropNex chalks net profit of $22.1 million on revenue of $364.3 million in 1H Sees a more vibrant 2H supported by a strong pipeline of new launches"
https://www.straitstimes.com/business/propnex-q4-profit-up-245-to-178m-proposes-1-for-1-bonus-shares
https://www.straitstimes.com/business/propnex-makes-management-changes-including-naming-deputy-ceo-as-part-of-remake-for-future-growth
Seeing your comments, and from various treads, it' s LOL. So negative and machiam anti-agents. Lolx..
Facts and Figures carry weights but your comments suggesting that agents are trading between or amongst themselves to draw interest is without any supporting evidence expect to spread rumours. Also, you claim that it will go down to around 0.5 without citing specifically the reason or showing evidence to it to support your arguements.
But, then hor, There are more than 2 million of shorts trade over a few days and the prices went down due to shortings. Are you one of the shortist in the trade? Lolxx
For any wise people, they will just go and do some research and will see the facts and figures that show that Propnex is NO 1 agency in Singapore with regional presence and aggressively expanding regionally with lots of cutting edge technology. It' s revenue figures outnumber the No 2 real estate agency in Singapore by a number of times. Revenue has hit more than $1B.
You seems like a sour grape suggesting that the agents does not deserve to earn their commission and suggest that they earn too much commission in the various treads. It' s always looks nice on the exterior and maybe look greener on the pasture but you never know what these agents go thru and how much hardwork or efforts they put in to earn a living. Maybe you can try being a real estate agent to understand them better or check with your agent friends/relatives. if they can be replaced, quite similar to their industry will be the insurance industry, and till today the insurance agents are not being replaced and still thriving despite various efforts to shift market behaviour to online purchase. People are still very used to human interaction of getting professional advices which has the human touch than facing the computers.
To my understanding and checking with friends who are agents, they do not have basic salary and only earn a commission when they close a deals and marketing cost and other cost for the agents and agencies has risen substantially. There are reasons why developers are willing to pay high commission to agencies for some projects and developers also recognise the value add that agents bring on the table. There are instances whereby in the past, some developers omit the agencies away or pay them very low commission and their project do not sell well. Once they appoint real estate agencies, their sales improved tremendously.
I don' t think AI or any portals are able to replace the human factor of transacting properties. Some people possibily may switch to transact properties on their own using some portals, but the numbers are likely to be low taking a gauge from overseas markets.
And if real estate agents will lose their rice bowls as you describe, this will means that there are more than 70,000 of Job positions will be affected, ie the backend staffs of various agencies, staffs related to agencies works including some govt agencies. Do you think it' s logical and if the sg govt will allow this to happen? Lolxx
DYODD
honesty ( Date: 06-Sep-2023 16:15) Posted:
| look at the pathetic volume, more like agents trading between or amongst themselves to draw interest. once a comprehensive sell/buy programmes become available to the market place, home owners will start to buy and sell themselves, 34 thousand agents perhaps half will fill up the job positions currently filled up by foreigners, DYODD |
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look at the pathetic volume, more like agents trading between or amongst themselves to draw interest. once a comprehensive sell/buy programmes become available to the market place, home owners will start to buy and sell themselves, 34 thousand agents perhaps half will fill up the job positions currently filled up by foreigners, DYODD
What' s brewing....? Something must be brewing... Sudden surge in price.... There are more volumne of trades as well.
This counter looks promising...
Seems like there are people who also shorted more than 1M volume in the past few days. wonder what' s the outcome for these shortsellers if the prices continue to rise. It was once in the range of $2.x before the stock split. Shows that it has the potential to climb back to the same level. Heard that the overall performance of the company for this year is doing well with lots of new initiatives on the way.
PropNex makes management changes, including naming deputy CEO, as part of remake for future growth
SINGAPORE - PropNex has named a deputy chief executive officer and announced other management changes as part of what the mainboard-listed property agency says is a remaking aimed at helping the company become an even more dominant player in Singapore and the region.
The agency, which has over 45 per cent of the Housing Board and private housing launches and resale market in Singapore, unveiled a management restructuring, effective immediately, which sees executive director Kelvin Fong elevated to deputy CEO, effectively becoming the heir apparent to the executive chairman and CEO, Mr Ismail Gafoor.
It also said that senior vice-president Eddie Lim has been promoted to chief agency officer. PropNex stalwarts Bobby Sng, Cijay Tew, Marcus Luah, Benjamin Tan and Ken Ng have also been moved up as agency vice-presidents, overseeing key aspects of training and operations.
PropNex traces its roots to 1996, when Mr Ismail and his wife Nooraini Noordin set up a property agency called Nooris Consultants. It subsequently merged with Prulink Realty to become PropNex. Over the years, PropNex grew both organically and via mergers, and additions as smaller agencies joined up. One of the biggest was the 2017 merger with Dennis Wee Realty.
Today, it is the biggest property agency in Singapore, with a team of about 12,000 agents, almost 40 per cent more than that of its next biggest competitor ERA. It also has about 3,000 agents in Malaysia, Indonesia and other regional markets.
Mr Ismail said the current top management changes were part of a strategy to ensure that PropNex would be led by a younger and more energetic team, driven by technology, training and data. It would also support the company&rsquo s strategy to grow the size of its team and market share.
&ldquo We are building the systems, structures and processes to ensure that PropNex thrives over the next 10 to 20 years,&rdquo he told The Straits Times. &ldquo We want to grow our team of Singapore agents to 15,000 by 2025 and capture 60 per cent of the market share here while also expanding our overseas presence.&rdquo
Despite the changes, Mr Ismail, 60, said he expects to remain at the helm of the company for several more years, helping to steer its growth.
The management restructuring also comes as more disruptors enter the market, a point which Mr Ismail acknowledged.
He said: &ldquo Indeed, we are seeing many tech-driven property platforms and apps coming into the market in search of a slice of the pie.
&ldquo However, the real estate market in Singapore is complex. Big money is involved. Lots of rules. Any wrong move can be costly. So one needs to pick an agency which can provide a full spectrum of services &ndash one which has the technology, data and professional advisory capabilities. Agents must even be able to do financial assessments for clients.&rdquo
During an hour-long interview with ST, Mr Ismail also addressed some recent developments in the market.
On whether the recent crackdown on money laundering activities by some foreigners has an impact on the property market, especially at the higher end of the spectrum, he said: &ldquo Singapore is an attractive hub for finance, technology, biomedicals and a host of other businesses of the future. As such, its property sector will always be vibrant and attract both local and foreign participants. The rental market reflects this.&rdquo
He added: &ldquo And as the economy continues to grow and local wealth continues to build up, Singaporeans themselves will seek bigger and better properties.&rdquo
Mr Fong, 48, said that for higher-end properties, the narrowing price gap between resale properties in the Core Central Region (CCR), which covers prime districts 1 to 4, and 9 to 11, and new launches in the outskirts &ndash the Rest of Central Region or RCR and Outside Central Region or OCR &ndash is prompting Singapore buyers to eye prime locations.
&ldquo In 2021, CCR properties used to go at around $2,700 per sq ft, while RCR was at about $1,500 psf,&rdquo he said.
&ldquo Today, new launches in RCR are being priced at well over $2,000, and at about $2,500 psf. So resale properties in CCR, even at $3,000 psf, are starting to look attractive to Singaporean buyers,&rdquo he added.
Mr Ismail in his interview said the changes to the public housing model announced by Prime Minister Lee Hsien Loong at the National Day Rally on Sunday were timely and would ensure more sustainable growth for the property market.
&ldquo What this does is make BTO homes in prime locations more affordable to those who previously could not afford them,&rdquo he said. &ldquo This will prevent the building up of elite enclaves within HDB precincts. The intent is to make all public housing affordable to the masses.&rdquo
PM Lee said on Sunday that from the second half of 2024, HDB projects would be classified not by mature or non-mature estates, but by location attributes with three categories. Flats in choice locations would get higher subsidies, but also require longer minimum occupation periods of 10 years.
PropNex&rsquo s earnings for the January-June 2023 period fell 18 per cent to $22.05 million while revenue dropped 23 per cent to $364.28 million compared with the same period in 2022, but Mr Ismail said the company is seeing strong pick-up in activity going into the second half.
He said: &ldquo Yes, the first half was somewhat slow, but the full year is looking good. While I cannot provide too much guidance, I would say the second half will definitely be better for us.&rdquo
Indeed, data suggests that PropNex snagged between 42 per cent and 50 per cent of all agency sales between April and July at new project launches such as Tembusu Grand, Blossoms by the Park, Continuum, The Myst, Lentor Modern and Grand Dunman.
One factor which is spurring more buying interest of late is the pullback in interest rates, according to Mr Ismail and Mr Fong.
Mr Fong said: &ldquo The two-year fixed rate has fallen to 3.25 per cent, from 4.25 per cent, and this is drawing out buyers. Also, by going for new launches, buyers don&rsquo t have to cough up a lump sum upfront.&rdquo
Both PropNex executives believe that as long as the Singapore economy continues to be robust and grow, the demand for housing would remain strong, with Singaporean buyers driving the market.
Mr Fong added: &ldquo The aspirational aspect of home purchase is very much intact.&rdquo
PropNex, which listed on the Singapore Exchange in July 2018, is known for rewarding shareholders with relatively generous dividend yields of 7 per cent to 9 per cent. The stock closed at 95 cents on Wednesday, prior to the announcement of the senior management changes.
https://www.straitstimes.com/business/propnex-makes-management-changes-including-naming-deputy-ceo-as-part-of-remake-for-future-growth
Their peak is $2.x. if can go $0.50, can quickly snap. lolxx. will be undervalue if we dive deep into their future directions.
Black Horse Counter.
honesty ( Date: 11-Aug-2023 11:17) Posted:
most shares are held by the agents, so they either got no choice to trade among themselves or hold till it drops severely down, or just sell at below 0.50, albeit still make money since there was a double up on the rights few months ago i think was 1 for 1
cloudy.mountain ( Date: 11-Aug-2023 11:03) Posted:
ya heard things are very bad for Propnex now
transactions volume falling. quickly sell |
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what you heard may not be true. Facts and figures will be the truth by doing more homework. Lolxx
Indeed, new Sales launch volmne is starting to slow down due to various factors such as geopolitical envrionment, higher interest rates and buyer are starting to take stock on New Sales Launch Vs resale markets.
The Markets are flushed with cash liquidity. The Resale Markets are growing strong.
For Propnex, it' s naturally that the revenue on y-o-y may have fallen due to lesser volumne of new sales launch transactions but if you take a look deeper, they clinch the highest market share among the other agencies for new launches. Highest market share among the other agencies in the resale markets. Additionally they are the largest agency in singapore and growing regoionally. Locally they have 1/3 of the salesperson and likely to increase further to 15,000 to 18,000 salesperson.
In comparison with its peer, Apac Realty do worst than propnex and shareholders are suffering as it pay alot of benefits to retain thwir salesperson while shareholders suffer. This year is likely to be Apac Realty worst years as they lost many agents to other agencies such as proppnex and huttons.
In terms of shareholders returns, Propnex has higher revenue and shareholder returns.
DYODD.
cloudy.mountain ( Date: 11-Aug-2023 11:03) Posted:
ya heard things are very bad for Propnex now
transactions volume falling. quickly sell |
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Analysts lower calls and TP on PropNex after larger than expected revenue contraction for 1HFY2023
Analysts at PhillipCapital and Maybank Securities have lowered their target prices and issued downgrades on PropNex following its earnings of $22.1 million for the 1HFY2023 ended June 30, 18.4% lower than the earnings of $27.0 million in the corresponding period the year before.
Maybank Securities&rsquo Eric Ong has reiterated his &ldquo buy&rdquo call with a lower target price of $1.15 from $1.20 previously, noting that PropNex&rsquo s 1HFY2023 results were &ldquo soft&rdquo but &ldquo not totally unexpected&rdquo . On the other hand, PhillipCapital&rsquo s Paul Chew has downgraded his &ldquo buy&rdquo call to &ldquo accumulate&rdquo with a lower target price of $1.16 from $1.20 previous, noting a larger than expected revenue contraction.
Ong from Maybank says that the first half of sales for PropNex was slow after two cooling measures which has affected buyer sentiments. For the six-month period, PropNex&rsquo s revenue fell by 23% y-o-y $364.3 million in 1HFY2023 due to decrease in commission income from both agency (-13.3% y-o-y) and project marketing services (-38%).
&ldquo Notably, this was mainly attributed to lower number of transactions completed given fewer new launches, especially in 1QFY2023. As a result, 1HFY2023 gross profit margin also narrowed by 0.3 percentage points (ppt) to 9.8% in tandem with changes in sales mix as project marketing (which accounted for 31% of sales in 1HFY2023 vs almost 39% a year ago) typically commands higher margins,&rdquo says Ong.
However, the analyst expects PropNex&rsquo s performance to rebound h-o-h, supported by a steady pipeline of new launches in the private homes market.
Ong says that the group expects 33 launches with a total of 8,000 units to hit the market in 2H2023. For the full year, about 11,529 new units will be launched, which is more than double the 4,528 units that were launched in 2022.
Meanwhile, PropNex also saw decent growth in its network of salespersons to 12,073 (+3.5% year to date), which allows it to continue gaining market share, Ong adds.
In addition, the analyst says that PropNex&rsquo s balance sheet is &ldquo rock solid&rdquo , with a net cash of $139.6 million, underpinned by its highly asset-light and scalable business model.
&ldquo Interim cash dividend per share (DPS) of 2.5 cents surprised on the upside, representing a dividend payout ratio (DPR) of 84% of its 1HFY2023 net profit (1HFY2022: 2.75 cents after adjusted for the 1-for-1 bonus issue or DPR of 75%).&rdquo says Ong. &ldquo We believe PropNex is increasingly seen as a sustainable yield play given its strong balance sheet.&rdquo
In view of the group&rsquo s willingness to reward shareholders with its growing DPR, Ong says that its yield looks sustainable at about 6%, and has therefore reiterated his &ldquo buy&rdquo call.
However, he has trimmed his FY2023-FY2025 earnings per share (EPS) by 4%-8% and lowered his target price to $1.15 (based on 15x FY2024 P/E) due to more conservative sales volume and pricing assumptions.
Likewise, PhillipCapital&rsquo s Chew notes that PropNex&rsquo s revenue and patmi were 33%/30% of his FY2023 forecast, as adjusted patmi declined 24% y-o-y to $20.8 million, adding that cooling measures and a dearth of new launches pushed revenue lower.
Like Ong, Chew expects the new pick-up in launches and market share to drive a stronger 2HFY2023 performance, and notes that PropNex had a generally stable net cash.
While PropNex has tempered down its expectations of transactions and prices, Chew anticipates a healthy recovery for 2HFY2023 driven by private residential demand from HDB upgraders.
As a result, Chew lowered his FY2023 earnings by 9% to $62.1 million, downgraded his call to &ldquo accumulate&rdquo and reduced the discounted cash flow target price to S$1.16.
most shares are held by the agents, so they either got no choice to trade among themselves or hold till it drops severely down, or just sell at below 0.50, albeit still make money since there was a double up on the rights few months ago i think was 1 for 1
cloudy.mountain ( Date: 11-Aug-2023 11:03) Posted:
ya heard things are very bad for Propnex now
transactions volume falling. quickly sell |
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ya heard things are very bad for Propnex now
transactions volume falling. quickly sell
https://www.businesstimes.com.sg/opinion-features/consider-tax-changes-shophouses-singapore-businesses-face-being-priced-out
heard comm dropping, lake garden for walk in customer, agents get 1.7%, cobroke with another agent 1.2%, agencies will get hurt terribly, dyodd
Joelton ( Date: 11-Aug-2023 10:35) Posted:
PropNex H1 profit falls 18.4% to S$22.1 million on lower commission income
PROPNEX : OYY +0.96% posted an 18.4 per cent drop in net profit to S$22.1 million for its first half year ended June, from S$27.0 million in the previous corresponding period. This came as the real estate services group&rsquo s revenue fell 22.9 per cent to S$364.3 million from S$472.3 million, mainly due to a decrease in commission income from both its agency services and project marketing services segments, it said on Thursday (Aug 10).
Commission income from agency services declined 13.3 per cent to S$248.7 million, while commission income from project marketing services dropped 38.1 per cent to S$113.5 million in the first half year.
Earnings per share for the half year was S$0.0298, lower than the S$0.0365 for H1 last year.
The board declared an interim dividend of S$0.025 per share for the half year, down from an adjusted dividend per share of S$0.0275 for the same period last year. The dividend will be paid on Sep 4, after book closure on Aug 24.
PropNex executive chairman and chief executive Ismail Gafoor said the property market is typically slower in the first half of the year.
&ldquo This year, sentiment in the property market was compounded by two cooling measures introduced in H1 (February Budget measures and April cooling measures), and elevated interest rates as high as 4.5 per cent in the beginning of 2023,&rdquo he added.
The group is more confident when it comes to the second half of 2023, with interest rates easing below 3.5 per cent and the launch of around 33 new projects.
It estimated overall private home prices to grow between 4 per cent and 5 per cent, with developers&rsquo sales to range from 7,000 to 7,500 units, excluding executive condominiums.
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