SGX-listed companies PropNex Ltd. (SG:OYY) and Aztech Global (SG:8AZ) have Strong Buy ratings from analysts on TipRanks.
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Here, we have used the Stock Screener tool from TipRanks to pick and choose these companies based on our desired criteria. This tool is an easier way to filter the stocks by various parameters and choose accordingly.
Let’s see what makes them the analysts’ favorites.
PropNex Limited
PropNex is a leading real estate brokerage and consulting company based in Singapore. The company provides an online real estate portal with a broad listing of commercial and residential properties.
Recently, the company reported its 2022 earnings, reflecting a strong performance even with the headwinds. The revenue for the year grew by 7.5% on a year-over-year basis to S$1.03 billion. The strong numbers in 2022 were driven by solid commission income from agency services, which jumped by 23.4% to S$640.6 million.
Analysts are bullish on the company’s stock based on its improved market share, solid growth numbers, and strong balance sheet without debt.
Analyst Mun Yee Lock from CGS-CIMB has raised his price target from S$1.93 to S$2.05 in the last month while maintaining the Buy rating. Lock has raised her net profit estimates by 19% for 2023-2024, considering the new launches and a “robust market share.”
Maybank’s analyst Eric Ong also raised his price target from S$1.95 to S$2.20 and reiterated the Buy rating. Ong believes the transaction volumes will bounce back in 2023 with a higher salesperson headcount of more than 11,000. Ong has a Buy rating on the stock, and he predicts around 13% growth in the share price.
What is the PropNex Price Target?
On TipRanks, OYY stock has a Strong Buy rating based on four Buy and one Hold recommendations.
The average price forecast is S$2.13, which has an upside potential of 9.2% on the current price level.
Aztech Global Limited
Aztech provides research, design, and manufacturing services to technology companies in more than 40 countries globally.
Despite the company’s weak numbers for 2022, which were hit by forex losses, analysts remain bullish on the stock.
Analyst Jarick Seet from Maybank upgraded his rating from Hold to Buy and also increased the price target from S$0.79 to S$1.02. He believes the company’s core business is still solid, and the strong order book will drive further growth for the company. The company has an order book of S$718.6 million as of February 2023, which will be delivered in 2013.
Maybank also increased the net profit estimate for 2023 by 10.4% and for 2024 by 12.4%, assuming “the worst is over.” Seet’s price target of S$1.02 implies an upside of 25.15% on the current levels.
Last month, DBS analyst Ling Lee Keng also raised the price target from S$1.02 to S$1.15, while maintaining a Buy rating. This price represents a growth of more than 40% on the current price.
Aztech Global Share Price Target
Based on all four Buy recommendations, 8AZ stock has a Strong Buy rating on TipRanks.
The average price forecast is S$1.03, which is 26.3% higher than the current trading price.
Conclusion
Analysts are bullish on PropNex due to its market-leading position, higher salesforce count, and solid balance sheet.
As for Aztech, analysts believe its order book is expected to grow further, which will drive earnings in 2023.
