SEE:PropNex FY2020 earnings up 47.8% to $31.2 million
His current target price of $1.00 assumes yields of 6.8% backed by $105 million net cash, 33% ROEs and an estimated 53% share of residential property transactions. Chew predicts a healthier property market going into 2021 led by resales, continuing the recovery trend in 2020. “HDB volumes were helped by government grants, delays in BTO units and a surge in units reaching their minimum occupation period. HDB resale revenue touched a record high. Private residential resales were buoyed by their large price discounts to newly launched units,” he writes. As at 2.13pm, shares in PropNex are trading up 0.5 cents or 0.6% at 84.5 cents.