PropNex (OYY) Corporate presentation summary

Financial performance

• 1H2024 revenue was $345,586k, down 5.1% YoY; gross profit was $33,441k, down 6.5%, with gross margin of 9.7% vs 9.8%.

• 1H2024 profit before tax was $23,460k, down 14.6% YoY; EPS was 2.57 cents vs 2.98 cents.

• Interim dividend was 2.25 cents for 1H2024; payout ratio was 87.6%.

Business scale and mix

• 11,999 salespersons represented 34% of Singapore’s registered agents as at 1 Jan 2024; salespersons closed 63.3% of home transactions by volume in 1H2024.

• Overseas operations comprised over 15,000 salespersons in 24 offices across five countries, excluding Singapore HQ.

• 1H2024 revenue mix included project marketing $91.3m, rental $77.9m, private resale $79.4m and HDB resale $64.8m.

• 1H2024 market shares were 66.5% in HDB resale, 48.4% in landed resale and 37.0% in private leasing.

Housing market conditions

• HDB resale prices rose 2.7% QoQ in Q3 2024 and 6.9% across 9M 2024; 22,562 resale flats sold in 9M.

• A record 750 HDB flats sold for at least $1m in 9M 2024, including 331 in Q3.

• Private residential prices fell 0.7% QoQ in Q3 2024; 14,517 private homes sold in 9M 2024.

• Private resale activity remained resilient: 3,860 homes transacted in Q3, up 1.5% QoQ and 33.1% YoY.

• Unsold uncompleted private units rose to 19,940 in Q3 2024; regional take-up rates ranged from 1.4 years in OCR to 4.9 years in CCR.