0128 GMT - PropNex's profitability is poised to grow on likely robust transaction volumes in 2025, OCBC Investment Research's analyst Donavan Tan says. Volumes for the Singapore-listed real estate agency are expected to be driven by around 11,000 new private homes anticipated, a strong appetite among condominium buyers, and relatively stable prices, Tan says in a research report. OCBC has updated its valuation model for PropNex and raises its free cash flow assumptions by 6.5% and 6.6% for FY 2025 and FY 2026, respectively. OCBC increases the stock's fair value estimate to S$1.14 from S$0.96 and keeps a hold rating. Shares are unchanged at S$1.07. (ronnie.harui@wsj.com)
(END) Dow Jones Newswires
January 21, 2025 20:28 ET (01:28 GMT)
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