DBS initiates coverage on PropNex with 'hold', target price of $1.83

Despite a “hot” property market, DBS Group Research has initiated coverage on PropNex with a “hold” recommendation with a target price of $1.83, implying a 3% upside.

"Our 'hold' recommendation is mainly premised on the stock’s rich valuation in the face of possible property cooling measures with the property market rising," analysts Chung Wei Le and Ling Lee Keng say in a Sept 17 initiation note.