CGS-CIMB analyst Lock Mun Yee has reiterated their bullish stance on OYY stock, giving a Buy rating yesterday.
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Lock Mun Yee has given his Buy rating due to a combination of factors that highlight PropNex Ltd.’s strong financial performance and growth prospects. The company’s earnings per share for the first half of fiscal year 2025 exceeded expectations, driven by robust project marketing contributions. This performance is anticipated to continue, supported by an increase in new home sales volumes and a projected rise in private and HDB resale prices.
Furthermore, PropNex’s revenue from project marketing has surged significantly due to a greater number of new project launches, and the company expects this trend to persist. The growth in agency services commissions, particularly from private and HDB resale transactions, also bolsters its financial outlook. With an increased earnings forecast and a strong cash position, PropNex is well-positioned to maintain a high dividend payout ratio, making it an attractive investment. Potential catalysts for further stock re-rating include a stronger-than-expected residential market performance and expansion in market share.
In another report released yesterday, DBS also maintained a Buy rating on the stock with a S$2.15 price target.