Singapore property brokerage PropNex H1 profit declines

PropNex

13/08/2026 24:15

Overview
Singapore real estate agency's H1 revenue rose 0.7% yr/yr
Net profit attributable to owners fell 3.1% yr/yr for H1
Company cites lower commission income from project marketing services for subdued revenue growth

Outlook
PropNex sees private home prices rising 3% to 4% in 2026
Group forecasts HDB resale volume of 26,000 to 27,000 units for 2026, with resale prices rising up to 1%
Expects the lifted 15-month wait-out period to free up private resale stock and lift demand for larger resale flats

Result Drivers
PROJECT MARKETING COMMISSIONS - Lower commission income from project marketing services contributed to subdued revenue growth
AGENCY SERVICES COMMISSIONS - Commission income from real estate agency services increased yr/yr
BAD DEBTS WRITTEN OFF - Higher bad debts written off in H1 contributed to reduced profit

Company press release: ID:nSN2VBxqt

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
H1 Revenue
 
S$603.02 mln
 
H1 Net Attributable Profit
 
S$40.94 mln
 

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 7 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the real estate services peer group is "buy"
Wall Street's median 12-month price target for PropNex Ltd is S$2.08, about 10.1% above its August 12 closing price of S$1.89
The stock recently traded at 19 times the next 12-month earnings vs. a P/E of 18 three months ago

Reuters Recommended Reads
Aug 12 - Singapore's GSH Corp half-year revenue falls 32% on weaker property sales
Aug 12 - Singapore's CapitaLand Investment H1 profit up 14% on higher fund management fees
Aug 12 - Singapore's Prime US REIT H1 income for distribution falls 33%

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)