0326 GMT - PropNex's earnings outlook for next 12-18 months appears solid, UOB Kay Hian's Adrian Loh says in a research report. During an investor call, management highlighted that over 4,600 new units were launched for sale in 2H, compared with just under 2,000 units in 1H, the analyst says. This sequential increase bodes well for the real estate agency's profits in 1H 2025, given the 3-6 months lag in revenue recognition for new launches. Additionally, PropNex's own analysis suggests 34 new projects totaling 14,694 units are set for launch in 2025, which could support its bottom line through at least 1Q 2026. The brokerage raises the target price to S$0.98 from S$0.96, maintaining a buy rating. (ronnie.harui@wsj.com)
(END) Dow Jones Newswires
November 06, 2024 22:26 ET (03:26 GMT)
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