0407 GMT - PropNex is likely to remain a solid dividend-yield play, OCBC Investment Research analyst Donavan Tan writes in a note. Singapore's new private-home sales surged to an 11-month high in October and are expected to be higher in November, Tan says. After factoring in the recent uptick in market activity, OCBC raises its 2024 and 2025 assumptions for the company's free cash flow by 6.1% and 7.1%, respectively. Tan expects a dividend payout of 90%, implying 2024 and 2025 yields of 5.6% and 6.1%, respectively. OCBC raises the company's fair-value estimate to S$0.96 from S$0.91 but downgrades the rating to hold from buy. Shares are last at S$0.90. (amanda.lee@wsj.com)
(END) Dow Jones Newswires
November 25, 2024 23:07 ET (04:07 GMT)
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