Broker: iFAST Financial Pte Ltd
Date of Report: 23 February 2026
Excerpt from iFAST Financial Pte Ltd report.
Report Summary
- Stock: PropNex (SGX: OYY)
- Actionable Call: BUY / Bullish view maintained
- Target Price: SGD 2.98 (implies 28.5% upside from SGD 2.32 as of 20 Feb 2026)
- Dividend Yield (2026E): ~4.7%–5.26%
- Key Idea: PropNex’s strong nationwide agent network, technology leadership, and dominant market share position it to benefit from a surge in new private residential launches. Risks from the Johor Bahru–Singapore RTS Link and the Johor–Singapore Special Economic Zone (JS-SEZ) are seen as minor, with limited impact on Singapore housing demand or PropNex’s earnings outlook.
- Highlights:
- 1H25 revenue up 73.3% YoY, net profit up 133.8% YoY, with EPS exceeding FY2024 full-year level.
- PropNex leads project marketing with a significant share in new launches, capturing up to 76% of sales in recent projects.
- Asset-light, cash-generative model with high ROE (32.9% in FY2024) and strong dividend track record.
- RTS Link and JS-SEZ may change commuting patterns but are unlikely to structurally weaken Singapore’s housing market or PropNex’s earnings visibility.
above is an excerpt from a report by iFAST Financial Pte Ltd. Clients of iFAST Financial Pte Ltd can be the first to access the full report from the iFAST website : https://secure.fundsupermart.com/fsmone
