In his June 1 report, Ong notes that PropNex may register softer 1HFY2023 earnings y-o-y due to lack of project launches in 4Q2022 and 1Q2023. Despite this, he expects the company’s performance to rebound in 2HFY2023.
Maybank Securities analyst Eric Ong has retained his “buy” call on PropNex (SGX:OYY
) with a higher target price of $1.20 from $1.10 previously.
This is amid Singapore’s residential property market resilience on the back of strong underlying demand for housing, despite two rounds of cooling measures in the past seven months.
