Paul Chew, an analyst from Phillip Securities, maintained the Buy rating on PropNex Ltd. (OYY – Research Report). The associated price target is S$1.33.
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Paul Chew has given his Buy rating due to a combination of factors including the strong performance in new home sales and the promising pipeline of upcoming launches. Year-to-date, new home sales have surged significantly, which is expected to positively impact PropNex’s financial results. The company has maintained a robust market share in property transactions, which is further supported by a healthy dividend yield.
Additionally, the anticipated relaxation of regulatory measures, such as the foreign buyer Additional Buyer Stamp Duty, could further enhance sales prospects. PropNex’s financial stability is underscored by its substantial free cash flow and net cash reserves, which provide a solid foundation for continued growth. These elements, combined with a positive market sentiment and low interest rates, contribute to the Buy recommendation with a target price of S$1.33.
OYY’s price has also changed moderately for the past six months – from S$0.940 to S$1.060, which is a 12.77% increase.