Post Reply
221-240 of 794
PROPNEX RECORDS 1H2022 NET PROFIT
OF S$28.3 MILLION (-17.7%)
- Extends regional footprint to Australia, 6
th market in Asia Pacific
- Declares interim dividend of 5.5 Singapore cents per share
- Robust cash position of S$133.9 million as at 30 June 2022
- Increased headcount of 11,744 salespersons in Singapore, 948 joined since
Jan 2022...
https://links.sgx.com/1.0.0/corporate-announcements/ARMOMH7WJGTNH55R/727645_PX%20-%202Q%202022%20Results%20News%20Release.pdf
PropNex&rsquo s Kelvin Fong ups stake, YZJ Fin maintains buyback momentum
FOR the 5 trading sessions that spanned Jul 15 to 21, the Straits Times Index (STI) gained 2 per cent, with the FTSE China A50 Index declining 3.5 per cent, the Hang Seng Index declining 1.7 per cent and the FTSE Bursa Malaysia KLCI gaining 1.3 per cent.
Overall, institutions were net buyers of Singapore stocks over the 5 sessions with S$65 million of net inflow, following on from S$38 million of net inflow for the preceding 5 sessions. UOB : U11 +1.33%, Singapore Airlines : C6L 0%, Singtel : Z74 -0.75%, Jardine Matheson Holdings : J36 +0.47% and Genting Singapore : G13 +4.52% led the net institutional inflows for the 5 sessions through to Jul 21.
Share buybacks
There were just 7 primary-listed stocks conducting share buybacks over the 5 sessions ending Jul 21, with a total consideration of S$1.76 million. Yangzijiang Financial Holding : YF8 0% led the consideration tally, buying back shares at 40.0 cents per share on Jul 15 and 18. This took the total number of shares bought on its buyback mandate to 19 million shares, representing 0.48 per cent of the company&rsquo s issued shares excluding treasury shares. The share buyback resolution was approved by shareholders on Jun 8, with Yangzijiang Financial Holding establishing the S$200 million share buyback programme to increase shareholder value and improve the return of equity of the group.
Director and substantial shareholder transactions
With earnings season fast approaching, the 5 trading sessions saw just 40 changes to director interests and substantial shareholdings filed for 17 primary-listed stocks. This included 5 company director acquisitions with no disposals filed, while substantial shareholders filed 7 acquisitions and 2 disposals.
PropNex
Between Jul 18 and 19, PropNex : OYY -0.65% executive director Kelvin Fong Keng Seong acquired 72,100 shares of the company, for a consideration of S$109,592 at S$1.52 per share. This took his deemed interest in PropNex from 8.73 per cent to 8.75 per cent. His preceding acquisitions were between Jun 16 and 17, with 101,100 shares acquired at S$1.63 per share and between May 24 and 26, with 300,000 shares acquired at S$1.70 per share. Fong has gradually increased his deemed interest in PropNex from 7.63 per cent in February 2019. He oversees the group&rsquo s training development curriculum and also administers the development of IT strategies and technology innovations to improve the group&rsquo s competitive edge in the industry.
P5 Capital Holdings
Between Jul 15 and 19, P5 Capital Holdings : 5AI 0% executive director Leow Sau Wan acquired 3,211,700 shares of the Catalist-listed company at 2.5 cents per share. With a consideration of S$80,046, this took Leow&rsquo s direct interest in the company to 0.29 per cent. For its FY22 (ended Mar 31) P5 Capital Holdings reported its revenue increased 51 per cent from FY21, to S$7.2 million, mainly due to contributions from the lifestyle business which represented 91 per cent of the group&rsquo s revenue.
Asian Pay Television Trust
On Jul 14, non-executive director and vice-chair of the Trustee-Manager of Asian Pay Television Trust : S7OU 0%, Lu Fang-Ming, acquired 300,000 units of the business trust for a consideration of S$36,500. At an average price of 12.2 cents per unit, this increased Lu&rsquo s total interest in APTT from 1.02 per cent to 1.04 per cent. His preceding acquisitions, between Sep 23 and 27, 2021 saw Lu acquire 1,888,400 units of the business trust for a consideration of 13.0 cents per unit. Lu has also been a corporate executive vice president of Hon Hai/Foxconn Technology Group since the ODM manufacturing company he co-founded was acquired by Hon Hai/Foxconn Technology Group in May 2000.
iWOW Technology
On Jul 19, iWOW Technology : NXR 0% substantial and controlling shareholder Kau Wee Lee acquired 40,000 shares of the recently Catalist-listed company at an average price of 21.6 cents per share. Kau maintains a 47.00 per cent direct interest in the technology provider, with a 1.90 per cent deemed interest due to shares held by her husband, Soo Kee Wee.
PropNex Q1 net profit dips 6.1% on higher staff costs
Real estate agency PropNex on Wednesday (May 11) posted a 6.1 per cent dip in net profit to $13.9 million for the first quarter ended March 31, 2022, compared with net profit of $14.8 million the previous year.
Earnings per share for the period fell 6.2 per cent to 3.76 cents, from 4.01 cents the year before.
Revenue for the quarter grew 9.5 per cent year on year to $241.6 million from $220.6 million, driven by higher commission income from agency services on higher transactions completed. This was partially offset by lower commission income from project marketing services as there were fewer launches in Q1 of FY2022.
The drag on the group' s bottom line came mainly due to greater staff costs, which grew 26.5 per cent to $4.8 million from $3.8 million in Q1 FY2021 as higher provisions were made for performance-linked bonuses, and the group increased its average staff headcount.
PropNex Realty said it is well on its way to attaining its goal of having 12,000 sales staff by end-2022, having seen growth of 26.4 per cent in the number of sales staff to 11,268 as at April 11, 2022, from 8,918 as at Jan 1, 2021.
It noted that a team of management staff had also been recruited to support this expanded sales force.
Other expenses jumped 55 per cent to $3.4 million from $2.2 million the year before, as the group ramped up its advertising and marketing expenses as well as booked a $426,000 impairment loss on trade and other receivables.
Despite a " slow start in 2022 after an exhilarating performance last year" in the private residential market, PropNex said it expects the market to remain fairly resilient this year with prices potentially growing by 3 per cent to 5 per cent.
It projects Housing Board resale prices to grow by 6 per cent to 8 per cent in 2022, as cooling measures temper the buoyant market sentiment and buyers become more resistant to higher prices.
" With prices climbing at a more measured pace in the first quarter, it also paves the way for a more sustainable overall price growth in 2022," said Mr Ismail Gafoor, chief executive of PropNex.
hahahhaa
and there we have piccadilly grand collecting over a thousand cheques on the first day when there are only 407 units
bro wake up lah sibei salty sia
and there we have piccadilly grand collecting over a thousand cheques on the first day when there are only 407 units
bro wake up lah sibei salty sia
honesty ( Date: 04-Apr-2022 14:56) Posted:
|
Hard to come down.
Sgvale ( Date: 05-May-2022 09:09) Posted:
|
Strong holders by PN big bosses. Unlike Apac.
Thanks for sharing this information. It is good for potential buyers like me.
heard buyers who are very savvy, knowing if this new launch gives 6% comm, buyers will ask developers for less psf and developers will then say to agent, for this and that buyer, comm will be 1% or even 0.5%, it is important to go viewing first n ask agents what comm they are getting, then call developers for discount, if no discount, go for other new launches, developers are all vying to complete the sale within 5 years, they will definitely need buyers
those days of big luxury cars generally bought by agents has come to an end
cooling measures should be in place for a long time for small city singapore otherwise no homes to build and no more singaporean babies !
great governance.
those days of big luxury cars generally bought by agents has come to an end
cooling measures should be in place for a long time for small city singapore otherwise no homes to build and no more singaporean babies !
great governance.
RichardTeo ( Date: 04-Apr-2022 14:00) Posted:
|
From this report, I found that Mr Gafoor as a sales person, tries to be positive in his views on Singapore' s properties. The more positive he is, the more cooling measures will be added by the Governement.
He also try to add positiveness by mentioning expansion to overseas markets.
He also try to add positiveness by mentioning expansion to overseas markets.
Now any 2nd hand 3 rooms condo easily about about 1million, maybe we should relook the commission paid to properties agent. If seller need to pay 2%, it is SGD20k commission.
Rental prices should be lower in the next 3 to 6 months(provided Covid situation stay as now) as more Malaysians can go back now. This will affect buying price as well.
My personal feelings on the property market....maybe wrong as I am not in this line.
Rental prices should be lower in the next 3 to 6 months(provided Covid situation stay as now) as more Malaysians can go back now. This will affect buying price as well.
My personal feelings on the property market....maybe wrong as I am not in this line.
PropNex CEO expects local demand to drive growth
Ismail Gafoor upbeat about the HDB, private resale market in 2022 high on company agenda to grow market share will be recruiting more agents.
PROPNEX Realty is banking on strong local demand to drive growth in a market weighed down by inflation concerns and measures to cool the fervent run-up of recent years.
PropNex, one of two real estate agencies that dominate transactions in both private and public housing, benefited from the bullishness that ran in 2021 across all market segments - Housing Development Board (HDB) resale, private residential resale, landed property, project marketing and residential rentals.
Mainboard-listed PropNex posted a net profit of S$60 million for the financial year 2021, up 106.4 per cent from S$29.1 million in 2020.
Revenue from project marketing saw the highest year-on-year absolute growth among all the segments, almost doubling to S$436 million in 2021 from S$219 million in 2020. However, as a percentage of total revenue, project marketing accounted for 46 per cent of last year' s revenue, up just 3 percentage points from 43 per cent the year before.
" This indicates that the pie has grown bigger across all markets," said Ismail Gafoor, co-founder, executive chairman and chief executive officer (CEO) of PropNex.
" This is good, because I don' t want to be dependent on one specific segment," he added. " One segment could be subjected to fluctuating sentiments, or cooling measures, or its investors might want to adopt a wait-and-see approach."
Since 2021, delays in both developer projects and build-to-order (BTO) flat completions have led buyers to look towards more readily available alternatives. Work-from-home or hybrid arrangements have also driven demand for quick and convenient upgrades. Gafoor expects this to continue in 2022, keeping the HDB and private resale market upbeat in the coming year.
In addition, 2021 saw high land bid prices, which might inflate the prices of some new developer projects, he said. This would also turn some customers towards the more affordable resale market.
Gafoor predicted that HDB and private resale volumes in 2022 will nearly match that of 2021. Meanwhile, new private home launches are expected to drop between 9,000 and 10,000 from over 13,000 last year.
Gafoor also expects more foreign tenants to enter the already tight rental market as Singapore eases its travel restrictions and borders open up completely.
One other sector seen as resilient is the landed housing market. Gafoor noted that the increased Additional Buyer' s Stamp Duty (ABSD) will not have a large impact on this market segment as most Singaporeans who upgrade to a landed property will likely have only one upgraded home.
He noted that PropNex " has not been very strong" in consultancy services and Good Class Bungalow (GCB) sales. But earlier this year, PropNex introduced a division for GCB sales, separate from the agency' s landed housing marketing. He also plans to ramp up the company' s corporate leasing, valuation, as well as investment and collective sales departments.
High on the agenda to grow market share will be recruiting more property agents.
Since bottoming out in 2017, Singapore has seen a steady rise in Council for Estate Agencies (CEA) registered agents. PropNex saw a substantial growth of new joiners last year.
According to figures from Data.gov.sg and the CEA, as at Jan 1, 2022, PropNex had a total of 10,796 real estate agents. This grew to 11,239 as at April 1, maintaining PropNex' s position as the largest property agency in Singapore. Second and third are ERA Realty and Huttons Asia with 8,578 agents and 4,343 agents, respectively.
Gafoor said: " I' m very confident we will cross the 12,000 person mark. Maybe even 13,000?"
PropNex' s recruitment drive include " boot camps" priced at S$100-S$200 a head, for both new joiners and seasoned agents. Before the pandemic, the company' s annual boot camps saw more than 2,000 attendees each year. It plans to conduct several rounds of training with smaller numbers of agents in 2022 to account for safe distancing measures and event capacity limits.
In addition to having more boots on the ground, PropNex has also been working to keep its brand high in consumers' minds.
From February to August this year, the agency is holding a " property expo" to market developer projects and reach new customers.
PropNex is also selling a Hasbro-licensed version of Monopoly, which includes Singapore property segments such as the CCR (core central region) and OCR (outside central region), familiar spots such as Marina Bay Financial Centre, as well as the ABSD. Retailing at S$49.99, over 12,000 sets of the board game have been sold since its launch in January 2021.
Yet analysts have been mixed on the prospects facing PropNex, with several forecasting a fall in earnings as new home sales take a hit from the market cooling measures.
While the additional taxes slapped on multiple property ownership have dampened sales of property as investment, Gafoor is optimistic that the real estate market will remain resilient on the back of internal demand.
According to data from PropNex Research and the Urban Redevelopment Authority (URA), Singapore citizens and permanent residents (PRs) made up 96.1 per cent of non-landed home sales last year, up from 79.3 per cent in 2011.
In outside central region, the dwindling stock of unsold executive condominiums (ECs), which are a public-private hybrid, will be replenished by 3 launches scheduled for 2022 totaling almost 2,000 flats.
North Gaia at Yishun Avenue 9, scheduled to launch in April, will put 600 units on the market. Two other ECs, at Tengah Garden Walk and Tampines Street 62, are expected to launch in Q3 and Q4 with 615 and 590 units, respectively.
Meanwhile, with a higher ABSD rate for foreign buyers, core central region projects might see developers moderating prices to appeal to Singaporean buyers.
Despite the bullish market, PropNex is not complacent. Gafoor said: " Beyond 2025, even though it' s a bit early to predict, PropNex is not waiting to capture the market where we are. We are also growing the company to reach areas where we have not been."
Beyond Singapore, he also targets regional growth, and plans to beef up teams in markets such as Malaysia, Vietnam, Cambodia and Indonesia.
Finally started to move after resting so long...
Lessons for PropNex from recent SGX queries
WHEN the chief executive of PropNex let on during an event on Jan 10 that commissions from transactions handled by its salespeople last year had exceeded S$1 billion, the market barely took notice.
PropNex closed at S$1.67 that day, a Monday, up just S$0.03 from its previous close. Over the next few days, the stock slipped back down. On Friday, Jan 14, it closed at S$1.62.
More than a month later, on Feb 21, when PropNex responded to queries from the Singapore Exchange (SGX) about the comments made at the Jan 10 event, the market seemed to react more strongly.
Trading volume increased significantly, and the stock rallied S$0.10 over 2 trading days. PropNex closed at S$1.82 on Feb 23.
Ironically, PropNex said in its response to SGX that the more than S$1 billion of commissions mentioned by its CEO would not translate to an equivalent amount of revenue for FY2021.
The company explained that the commission its salespeople may earn on a property transaction can be estimated at the point when the option-to-purchase is signed. But the commission is actually earned and recognised as revenue only when - and if - the sales and purchase agreement is executed.
PropNex went on to say that its CEO had indeed indicated during the Jan 10 event that commissions related to property transactions in 2021 carried out by its salespeople had exceeded S$1 billion.
" As not all transactions were completed at the end of the financial period, he had not said that the group' s full-year revenue for 2021 was more than S$1 billion," PropNex added, in its reply to SGX on Feb 21.
Shortly after that, on Feb 24, PropNex reported its full-year 2021 results. Revenue for the year surged 86.5 per cent to nearly S$957.5 million, while earnings jumped 106.4 per cent to just over S$60 million.
Selective disclosure?
PropNex said in its response to SGX' s queries that it had not made any selective disclosure of material information to its salespeople.
The company also confirmed its compliance with Rule 703(1) of the listing manual - which provides that an issuer must disclose information necessary to avoid the establishment of a false market or that may materially affect the price of its shares.
Evidently, not everyone agrees that the rules were observed.
SGX said in its queries that it became aware of the comments made by PropNex' s CEO at the January event through " feedback" . The submitter of this feedback provided SGX with screenshots of social media postings by PropNex' s CEO and employees about the matter.
SGX was right not to have dismissed this feedback. The fact is PropNex' s revenue is driven almost entirely by commissions from handling property transactions - regardless of when commissions from specific transactions are booked. More than 99.7 per cent of the S$957.5 million in revenue PropNex reported for FY2021 comprised commission income from real estate agency services and real estate project marketing services.
It is probably fair to say that any information relating to PropNex' s commission income could potentially have an impact on the market value of its shares.
On the other hand, the market was not completely unaware of how much revenue PropNex was likely to report for FY2021.
To its credit, PropNex reports its financial results quarterly. On Nov 10, 2021, exactly 2 months before its CEO commented about its commissions, the company said it had achieved revenue of S$715.5 million for the first 9 months of the year.
Combined with PropNex' s commentary on its performance, many investors could have easily surmised that the company' s full-year revenue was likely to be close to S$1 billion.
Frame information for investors
The lesson for PropNex from this episode is not that it should restrict the dissemination of information.
On the contrary, information - especially when it is clear what it means for investors - provides the market with oxygen.
It would also do shareholders of PropNex no good if the company were unable to share information with its salespeople in order to rally them on to achieve their performance targets.
The board and management of PropNex should instead keep in mind that they are running a company that has wide appeal in the local market.
Singapore investors have a good understanding of how a real estate agency like PropNex makes money, and many of them are likely to be interested in owning and trading its shares.
Over the past 12 months, PropNex has delivered a total return of 114.7 per cent. The company currently has a market capitalisation of S$625.3 million, or about 10.4 times its FY2021 earnings.
PropNex declared total dividends of S$0.125 per share for FY2021. Based on PropNex' s closing price on Wednesday (Mar 2) of S$1.69, this represents a yield of nearly 7.4 per cent.
Given the broad interest its shares could garner in the market, PropNex should ensure that it proactively frames information in terms of what it means for its shareholders - whether the information comes from its financial statements, government statistics or even the social media postings of a bunch of property agents.
developers paying 4 to 9% commission for new launches, resale owners now paying 3 to 5% if their above market asking price is met, agents sure would make alot of money, understand so many luxury cars actually been bought by agents. developers ok to pay high commission to move their projects and they make more than triple selling their asking prices, in fact they keep prices going up and agents keep imposing FOMO on potential buyers. these buyers should be careful when interest rate shoots up, anyway they could be a bunch of easy target thinking about capital appreciation which is the main focus of agents
with labour import relaxed, more new projects would be completed timely and this will inflict painful decision of these easy targeted buyers
with labour import relaxed, more new projects would be completed timely and this will inflict painful decision of these easy targeted buyers
Hector ( Date: 24-Feb-2022 11:01) Posted:
|
property agents should be earning so much over 500k, since most are not professionals or requires speacial skills, just purely relationship and make client happy to make money.
Most likely, we should see another round of cooling measure from the Government, if property price does not stablise or come down or when bank interest rates shoot up
Most likely, we should see another round of cooling measure from the Government, if property price does not stablise or come down or when bank interest rates shoot up
uiop1223 ( Date: 24-Feb-2022 10:23) Posted:
|
withoiut prejudice, price dropped upon clarification. anyway numbers game for agencies, enticing here and there to prop up the agents number, understand less than 15% work hard for the commission rest tikam tikam if can sell 1 or 2 new launch per year can relax since commission paid by developers range from 4 to 9% dependent on also size, if sell big ticket square footage say 12million with 5% comm, that is 600k!
shophouses make big money too, govt not feelling it, still not imposing ABSD and SSD, alot of flipping going on in commercial shophouses, so call conservation shophouses been changing clothes frequently without penalty. rich will get richer playing only shophouses. lately, even those average earners/agents also flip around since nothing to lose and singapore border relentllessly opening up is causing spikes in this playaround investments. indeed a joke
volume of this stock is so low, i think playing amongst themselves make this thin volume. there are better stocks to get in and out, dyodd with the cooling measure on pte residential,
shophouses make big money too, govt not feelling it, still not imposing ABSD and SSD, alot of flipping going on in commercial shophouses, so call conservation shophouses been changing clothes frequently without penalty. rich will get richer playing only shophouses. lately, even those average earners/agents also flip around since nothing to lose and singapore border relentllessly opening up is causing spikes in this playaround investments. indeed a joke
volume of this stock is so low, i think playing amongst themselves make this thin volume. there are better stocks to get in and out, dyodd with the cooling measure on pte residential,
gosharej ( Date: 23-Feb-2022 18:26) Posted:
|
My property Agent tells me she earned $500k commission on selling new launches in 2021. This excludes other commission on renting? all property agents and landlords big huat
Excellent performance by PropNex!
spursfan ( Date: 24-Feb-2022 07:07) Posted:
|
PROPNEX?S NET PROFIT AFTER TAX SOARS
108.6% TO S$65.1 MILLION IN FY2021
- Proposes final dividend of 7.0 cents per share, bringing total dividends for FY2021 to
12.5 cents per share, representing yield of 7.1%1
- Revenue leapt 86.5% to S$957.5 million in FY2021
- Robust balance sheet with healthy cash equivalents of S$145.6 million
- Salesforce crossed 11,125-mark as at 17 February 2022, further establishing its
presence as Singapore?s largest listed real estate agency
- Strategic expansion into GCB Luxury Landed Segment with new department
established...
https://links.sgx.com/1.0.0/corporate-announcements/DWQRPI1VRXD9DCD4/703379_PXL%20-%20FY2021%20Results%20News%20Release.pdf
boast the 1 billion figure to lure people to buy their stocks? In reality, SGX should ask them for the accounting details break down on the done transations and put a very stringent warning to them not imaging the undone scenario.
Can an real estate agency depend on sales person achieve 1Billion?? as strong as financial institutions?? ask yourself. Even if this is true, then government should ask why the real estate agency can earn more than the all temasek listing companies, which involved much assests invested. Some thing must be fishsy and very misleading of the 1B info.
To me, this is a very very serious matter that should call for discipline actions of the agency.
Can an real estate agency depend on sales person achieve 1Billion?? as strong as financial institutions?? ask yourself. Even if this is true, then government should ask why the real estate agency can earn more than the all temasek listing companies, which involved much assests invested. Some thing must be fishsy and very misleading of the 1B info.
To me, this is a very very serious matter that should call for discipline actions of the agency.
Joelton ( Date: 22-Feb-2022 09:18) Posted:
|