Despite “blockbuster” results reported by PropNex for its 1HFY2021 ended June, UOB Kay Hian has downgraded its rating for the company from “add” to “hold”, though with a higher target price of $2.09, in an August 12 research note.

See: PropNex sees 127% surge in 2Q21 earnings, declares interim DPS of 5.5 cents

UOB Kay Hian analyst Adrian Loh highlights that PropNex’s performance was better than expected, with all business segments doing well. “The company declared an interim dividend of 5.5 cents which formed 58% of our prior full-year estimate of 9.5 cents. We subsequently upgraded our 2021 DPS estimate to 11 cents,” he says. 

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