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PropNex Ltd. (SG:OYY)
:OYY
Singapore Market
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PropNex Ltd. (OYY) AI Stock Analysis

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SG:OYY

PropNex Ltd.

(SGX:OYY)

Rating:71Outperform
Price Target:
S$1.50
▲(9.49%Upside)
PropNex Ltd.'s strong financial performance is the primary driver of its stock score, supported by consistent revenue growth and a stable balance sheet. Technical analysis indicates potential overbought conditions, warranting caution. Valuation is fair, with a high dividend yield enhancing attractiveness. The absence of recent earnings call details or corporate events leaves these factors unaccounted for in the evaluation.
Positive Factors
Dividend Yield
PropNex offers a defensive yield of 6.1%, which does not include the potential for further special dividends.
Earnings Growth
The Singapore property market outlook remains reasonably solid, and with PropNex retaining its robust market share, the company is expected to deliver 29% earnings growth.
Market Outlook
PropNex faces a favourable property market outlook with new launches totaling around 13,000 units, nearly double the number seen previously.
Negative Factors
FY24 Results
FY24 results were below expectations. Revenue and PATMI were 94%/82% of estimates.
HDB Resale Volumes
HDB resale volumes have been weak, down 6% YTD5/25.
New Home Sales
Weak project marketing or new home sales. New home sales in 9M24 were down 43% YoY to 3,049 units.

PropNex Ltd. (OYY) vs. iShares MSCI Singapore ETF (EWS)

PropNex Ltd. Business Overview & Revenue Model

Company DescriptionPropNex Limited provides real estate services in Singapore and internationally. It operates through, Agency Services, Project Marketing Services, Administrative Support Services, and Training Services segments. The Agency Services segment engages in the sale and lease of public and private residential and commercial/industrial properties, including housing and development board flats and executive condominiums, private condominiums, landed properties, retail shops, offices, and factories. The Project Marketing Services is involved in the sale of new private residential development projects for third-party property developers. The Administrative Support Services provides space and other ancillary services. The Training Services segment offers real estate related courses and training programs to salespersons. The company was incorporated in 1996 and is headquartered in Singapore. PropNex Limited is a subsidiary of Uob Kay Hian Pte Ltd.
How the Company Makes MoneyPropNex Ltd. makes money primarily through its real estate brokerage services, which account for a significant portion of its revenue. This includes commissions earned from facilitating property transactions such as buying, selling, and leasing of properties. The company also generates revenue from project marketing services by collaborating with property developers to market and sell new real estate developments. Additionally, PropNex Ltd. earns fees through its property management services, which include managing residential and commercial properties on behalf of owners. Real estate consultancy services further contribute to the company's revenue by providing strategic advice and market insights to clients. Partnerships with property developers and financial institutions enhance its service offerings and create additional revenue streams.

PropNex Ltd. Financial Statement Overview

Summary
PropNex Ltd. demonstrates a robust financial position with consistent revenue growth and profitability. The balance sheet is strong with low leverage, and cash flow management is solid, though there is room for improvement in free cash flow stability.
Income Statement
75
Positive
PropNex Ltd. shows a positive trend in revenue growth and profitability over recent years. The gross profit margin has been stable, and the net profit margin has improved from 5.0% in 2019 to 5.2% in 2023. Revenue growth fluctuated but remained positive, with a noticeable dip in 2023. The company maintains a healthy EBITDA margin, though the EBIT margin varied due to fluctuating operating expenses. Overall, the company demonstrates robust revenue generation and profitability.
Balance Sheet
80
Positive
The balance sheet of PropNex Ltd. is strong, characterized by low leverage and increasing equity. The debt-to-equity ratio is low, indicating limited reliance on debt financing. The equity ratio improved from 45% in 2019 to 43% in 2023, reflecting a stable financial position. Additionally, the return on equity (ROE) has shown consistency, reinforcing profitability. Overall, the balance sheet indicates financial stability with a solid equity base.
Cash Flow
70
Positive
The cash flow statement reveals consistent operating cash flows with a notable decline in 2023. The free cash flow growth rate has been volatile but generally positive. The operating cash flow to net income ratio indicates efficient cash generation relative to earnings. However, the free cash flow to net income ratio shows some volatility, suggesting potential fluctuations in cash availability. Overall, cash flow management remains solid, though with room for improvement in maintaining free cash flow stability.
BreakdownDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue782.95M838.10M1.03B957.49M515.63M
Gross Profit70.98M59.77M104.68M101.79M56.53M
EBITDA52.78M63.01M82.73M82.30M40.51M
Net Income40.92M47.81M62.36M60.03M29.09M
Balance Sheet
Total Assets285.70M343.06M375.35M294.57M192.71M
Cash, Cash Equivalents and Short-Term Investments142.84M138.35M144.13M145.65M105.80M
Total Debt2.83M2.97M5.01M2.91M3.19M
Total Liabilities160.95M216.84M248.86M181.99M105.12M
Stockholders Equity123.41M125.15M125.55M109.43M84.56M
Cash Flow
Free Cash Flow37.74M61.41M51.04M82.54M41.46M
Operating Cash Flow38.04M62.14M51.41M83.08M41.95M
Investing Cash Flow-14.26M-15.52M-4.37M-565.10K231.36K
Financing Cash Flow-45.29M-52.09M-53.80M-42.67M-17.99M

PropNex Ltd. Technical Analysis

Technical Analysis Sentiment
Positive
Last Price1.37
Price Trends
50DMA
1.15
Positive
100DMA
1.10
Positive
200DMA
1.00
Positive
Market Momentum
MACD
0.08
Negative
RSI
67.81
Neutral
STOCH
52.78
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:OYY, the sentiment is Positive. The current price of 1.37 is above the 20-day moving average (MA) of 1.29, above the 50-day MA of 1.15, and above the 200-day MA of 1.00, indicating a bullish trend. The MACD of 0.08 indicates Negative momentum. The RSI at 67.81 is Neutral, neither overbought nor oversold. The STOCH value of 52.78 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SG:OYY.

PropNex Ltd. Peers Comparison

Overall Rating
UnderperformOutperform
Sector (65)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
71
Outperform
S$999.00M24.4132.93%3.99%-6.58%-14.40%
65
Neutral
$2.03B18.662.45%5.02%0.56%-4.71%
€529.23M-8.35%1.90%
60
Neutral
S$670.61M21.891.03%1.20%-5.00%-73.03%
€333.89M-10.73%
S$195.76M26.984.56%3.68%
73
Outperform
$707.71M3.6220.33%6.85%36.48%
* Real Estate Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
SG:OYY
PropNex Ltd.
1.38
0.64
86.49%
DE:OUE1
OUE Ltd.
0.79
0.11
16.18%
SG:H30
Hong Fok Corporation Limited
0.81
0.02
2.53%
DE:8OX1
Oxley Holdings Ltd.
0.06
0.02
50.00%
SG:CLN
APAC Realty Ltd.
0.54
0.17
45.95%
SG:DCRU
Digital Core REIT
0.52
-0.02
-3.70%

PropNex Ltd. Corporate Events

PropNex Ltd. Announces Leadership Transition to Strengthen Governance
Jul 15, 2025

PropNex Ltd. has announced a significant leadership transition with the appointment of Mr. Kelvin Fong as the new CEO, effective from July 15, 2025, succeeding Mr. Mohamed Ismail Gafoor. This change is part of the company’s commitment to sound corporate governance and effective succession planning, aligning with the Code of Corporate Governance by separating the roles of Chairman and CEO. The transition aims to enhance the company’s operational effectiveness and strategic oversight, with Mr. Gafoor continuing as Executive Chairman to guide the company’s strategic direction and maintain strong stakeholder engagement.

The most recent analyst rating on (SG:OYY) stock is a Buy with a S$0.96 price target. To see the full list of analyst forecasts on PropNex Ltd. stock, see the SG:OYY Stock Forecast page.

PropNex Celebrates 25 Years with Major Community Initiatives and Leadership Change
Jul 15, 2025

PropNex Ltd. celebrates its 25th anniversary by announcing over $30 million in community initiatives, including a $6 million donation to Community Chest and the launch of the PropNex Foundation with a $10 million endowment. Additionally, the company introduces a leadership change with Mr. Kelvin Fong as the new CEO, while Mr. Ismail Gafoor remains as Executive Chairman. These efforts underscore PropNex’s commitment to nation-building and community support, reinforcing its corporate social responsibility and impact on local communities.

The most recent analyst rating on (SG:OYY) stock is a Buy with a S$0.96 price target. To see the full list of analyst forecasts on PropNex Ltd. stock, see the SG:OYY Stock Forecast page.

PropNex Reports Strong Dividend Amid Revenue Decline
May 20, 2025

PropNex Ltd. held its Annual General Meeting, where it reported a decrease in revenue to $783 million for FY2024, primarily due to a drop in commission income from project marketing services. Despite this, the company maintained a strong, debt-free balance sheet with a cash position of $112 million and proposed a total dividend of 7.75 cents per share, the highest since its IPO. The company continues to focus on delivering long-term value to its shareholders, leveraging its strategic positioning and diversified revenue streams to cushion against market volatility.

The most recent analyst rating on (SG:OYY) stock is a Buy with a S$0.96 price target. To see the full list of analyst forecasts on PropNex Ltd. stock, see the SG:OYY Stock Forecast page.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Jul 18, 2025