PropNex downgraded by UOB KayHian after results miss expectations
UOB KayHian downgraded PropNex to Hold from Buy after earnings came in below expectations and as transaction volumes are expected to be weaker.
UOB KayHian downgraded PropNex to Hold from Buy after earnings came in below expectations and as transaction volumes are expected to be weaker.
PropNex reported Tuesday its 2Q19 net profit fell 11.9% on-year on lower commission income in the wake of property cooling measures imposed a year earlier.
Singapore’s residential property market took a hit last year from fresh cooling measures, but the outlook may have turned toward a Goldilocks scenario.
PropNex reported Tuesday its 1Q19 net profit dropped 67.6% on-year to S$2.0 million amid lower commission income during the traditionally tepid quarter.
These are Singapore companies which may be in focus on Tuesday, 26 February 2019: ST Engineering, SembMarine, Sheng Siong and Ho Bee Land.
Realty company PropNex reported Monday its 4Q18 net profit dropped 63.5 percent on-year after the government implemented property cooling measures.
These are Singapore companies which may be in focus on Thursday, 21 February 2019: City Developments, Sembcorp Industries, ST Engineering, Keppel and Spackman.
These are Singapore companies which may be in focus on Tuesday, 12 February 2019: Mapletree Industrial Trust, CapitaLand Mall Trust, M1, Hyflux and Sakae.
UOB KayHian started PropNex at Buy with S$0.65 target price, calling it a low-risk proxy to the Singapore property market. “PropNex offers a more asset-light…
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