PropNex's 2024 Earnings May Be Hurt by Likely Lower Transaction Volumes -- Market Talk

Dow Jones03-05

0323 GMT - PropNex's 2024 earnings may be reduced by around 12% on likely lower transaction volumes for its new-home sales and resales, DBS Group Research analysts estimate in a research note. These assumptions are spurred by factors including lower participation by foreigners and investors deterred by high stamp duties and more projects being launched in 2024 that allow potential buyers to assess options before committing, the analysts say. DBS lowers its 2024 property transaction volume assumptions for the real-estate agency's new-home sales to 8,000 from 9,000 and for resales to 13,500 from 14,500. DBS cuts the stock's target to S$0.95 from S$1.09 and maintains a hold rating. Shares are 0.6% higher at S$0.88. (ronnie.harui@wsj.com)

(END) Dow Jones Newswires

March 04, 2024 22:23 ET (03:23 GMT)

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