Total revenue for 9MFY2022 was down 3.2% y-o-y to $523.9 million. Despite the 43% y-o-y drop in units sold for the new home segment, revenue only saw a 0.6% decline to $210.1 million, mainly due to the higher selling prices. Resale and rental revenue eased 4.8% y-o-y to $310.2 million.
APAC Realty is adapting to property cooling measures, with 9MFY2022 ended September results above expectations, writes DBS Group Research analyst Ling Lee Keng.
In a Nov 11 note, Ling is upgrading APAC Realty to “hold” from “fully valued”, with a higher target price of 59 cents from 41 cents previously. The new target price represents an upside of 6% against the traded price of 56 cents on Nov 10.
