One-Stop Financial Services, uSMART Securities Pte Ltd

uSMART Securities

One-Stop Financial Services

uSMART Securities Pte Ltd

uSMART Securities (Singapore) Pte. Ltd (uSMART SG),is a leading securities company regulated by MAS and we hold a Capital Markets Services (CMS) License under the Securities and Futures Act 2001. We provide smart, professional and outstanding one-stop financial services to our clients, to best serve investors' needs and investment journey.

Equity Bottom-Up

<ul><li>We upgrade PropNex to OUTPERFORM as the share-price pullback has widened potential return to 12.2% based on the S$1.81 close on 9 July 2026, despite a lower TP.</li><li>FY2025 revenue beat by 3.1%, while gross profit and EPS missed by 2.5% and 8.6%, respectively.</li><li>The wider EPS miss reflected the gross-profit shortfall and additional pressure from items below gross profit, rather than weaker transaction momentum. </li></ul>

We upgrade PropNex to OUTPERFORM as the share-price pullback has widened potential return to 12.2% based on the S$1.81 close on 9 July 2026, despite a lower TP.FY2025 revenue beat by 3.1%, while gross profit and EPS missed by 2.5% and 8.6%, respectively.The wider EPS miss reflected the gross-profit shortfall and additional pressure from items below gross profit, rather than weaker transaction momentum. 

PropNex Limited Earnings Update (15 July 2026)

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
 <li>
Market Leader Facing Headwinds: Propnex is Singapore's largest real estate agency by salesforce, commanding a significant share of residential transactions. However, the company faces a potential slowdown in 2026 due to a reduced pipeline of new property launches and a sluggish resale market.</li>
 <li>
Asset-Light and Cash-Generative Model: The company operates a highly scalable, asset-light business model that generates strong free cash flow, supporting a consistent and high dividend payout to shareholders.</li>
 <li>
Navigating a Regulated Market: The outlook is heavily influenced by the Singapore government's property market regulations ("cooling measures"). Any potential easing of these policies, such as the 15-month wait-out period for downgraders, represents a significant catalyst for the resale market.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Market Leader Facing Headwinds: Propnex is Singapore's largest real estate agency by salesforce, commanding a significant share of residential transactions. However, the company faces a potential slowdown in 2026 due to a reduced pipeline of new property launches and a sluggish resale market.
  
Asset-Light and Cash-Generative Model: The company operates a highly scalable, asset-light business model that generates strong free cash flow, supporting a consistent and high dividend payout to shareholders.
  
Navigating a Regulated Market: The outlook is heavily influenced by the Singapore government's property market regulations ("cooling measures"). Any potential easing of these policies, such as the 15-month wait-out period for downgraders, represents a significant catalyst for the resale market.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

<ul><li>As Singapore’s leading real estate agency, PropNex commands a dominant position with the nation's largest salesforce of over 13,618 agents as of August 2025.</li><li>Established in 2000, PropNex has now over 16,000 salespersons across Singapore, Indonesia, Malaysia, Vietnam, Cambodia, and Australia. Its diverse service portfolio ensures resilient revenue streams.</li><li>While FY2024 net profit came in at S$40.9 million, 1H2025 delivered a record S$42.3 million in net attributable profit on revenue of S$598.9 million, exceeding the full-year FY2024 profit.</li></ul>

As Singapore’s leading real estate agency, PropNex commands a dominant position with the nation's largest salesforce of over 13,618 agents as of August 2025.Established in 2000, PropNex has now over 16,000 salespersons across Singapore, Indonesia, Malaysia, Vietnam, Cambodia, and Australia. Its diverse service portfolio ensures resilient revenue streams.While FY2024 net profit came in at S$40.9 million, 1H2025 delivered a record S$42.3 million in net attributable profit on revenue of S$598.9 million, exceeding the full-year FY2024 profit.

PropNex Limited (OYY.SI): Dominant Agency Poised for Tech-Driven Growth

Managing Director, Golden Section Capital

Garreth Elston

Managing Director

Golden Section Equity Research

Golden Section Capital

Golden Section Capital is a private international investment, specialist independent equity research, and corporate finance consulting services provider focussing on real estate and infrastructure. 

Paid for corporate research on Real Estate and Infrastructure companies. Plus independent pieces on various real estate companies and themes.

Thematic (Sector/Industry)

<ul>
<li>The iEdge Singapore Next 50 is effectively a global growth proxy, with ~51% of revenues generated offshore, sharply reducing reliance on Singapore’s domestic and banking cycles.</li>
<li>Its mid-cap, real-asset and industrial skew creates structurally different earnings drivers from the STI, tied to trade flows, infrastructure, healthcare, and technology capex rather than credit growth.</li>
<li>The index offers diversification without governance compromise, using Singapore’s regulatory framework as a platform to access faster-growing ASEAN, Indian, and global markets.</li>
</ul>


The iEdge Singapore Next 50 is effectively a global growth proxy, with ~51% of revenues generated offshore, sharply reducing reliance on Singapore’s domestic and banking cycles.
Its mid-cap, real-asset and industrial skew creates structurally different earnings drivers from the STI, tied to trade flows, infrastructure, healthcare, and technology capex rather than credit growth.
The index offers diversification without governance compromise, using Singapore’s regulatory framework as a platform to access faster-growing ASEAN, Indian, and global markets.


The Global Footprint of the iEdge Singapore Next 50

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

<ul><li>Median P/B increased from 0.55x to 2.25x across ROE quartiles, with a Spearman rank correlation of 0.62. </li><li>Non-REIT SMIDs with ROEs above 10% showed a median ROE of 29.8% and median P/B of 2.9x. </li><li>S-REITs had lower ROEs, with Alpha Integrated REIT at 13.2%, influenced by distribution yields and asset quality.</li></ul>

Median P/B increased from 0.55x to 2.25x across ROE quartiles, with a Spearman rank correlation of 0.62.  Non-REIT SMIDs with ROEs above 10% showed a median ROE of 29.8% and median P/B of 2.9x.  S-REITs had lower ROEs, with Alpha Integrated REIT at 13.2%, influenced by distribution yields and asset quality.

Capital Efficiency Continued to Support SGX SMID Valuations 

Singapore

PropNex Limited is an integrated real estate services group that provides real estate brokerage services for the sale and lease of residential, commercial, and industrial properties. It also offers project marketing services for new private residential developments, as well as training and administrative support services. The company was founded in 1996 and is headquartered in Singapore.

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PropNex (PROP SP)

PropNex Limited Earnings Update (15 July 2026)

We upgrade PropNex to OUTPERFORM as the share-price pullback has widened potential return to 12.2% based on the S$1.81 close on 9 July 2026,...

uSMART Securities

Primer: Propnex Ltd (PROP SP) - Apr 2026

Market Leader Facing Headwinds: Propnex is Singapore's largest real estate agency by salesforce, commanding a significant share of residential...

αSK Primers

PropNex Limited (OYY.SI): Dominant Agency Poised for Tech-Driven Growth

As Singapore’s leading real estate agency, PropNex commands a dominant position with the nation's largest salesforce of over 13,618 agents as of...

uSMART Securities

The Global Footprint of the iEdge Singapore Next 50

The iEdge Singapore Next 50 index delivers global growth, diversified earnings, and lower STI correlation, using Singapore governance to invest in...

Golden Section Capital

Capital Efficiency Continued to Support SGX SMID Valuations

Median P/B increased from 0.55x to 2.25x across ROE quartiles, with a Spearman rank correlation of 0.62. Non-REIT SMIDs with ROEs above 10%...

Singapore Exchange Ltd (SGX)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

PropNex Limited Earnings Update (15 July 2026)

We upgrade PropNex to OUTPERFORM as the share-price pullback has widened potential return to 12.2% based on the S$1.81 close on 9 July 2026,...

uSMART Securities

Primer: Propnex Ltd (PROP SP) - Apr 2026

Market Leader Facing Headwinds: Propnex is Singapore's largest real estate agency by salesforce, commanding a significant share of residential...

αSK Primers

PropNex Limited (OYY.SI): Dominant Agency Poised for Tech-Driven Growth

As Singapore’s leading real estate agency, PropNex commands a dominant position with the nation's largest salesforce of over 13,618 agents as of...

uSMART Securities

The Global Footprint of the iEdge Singapore Next 50

​The iEdge Singapore Next 50 index delivers global growth, diversified earnings, and lower STI correlation, using Singapore governance to invest in...

Golden Section Capital

Capital Efficiency Continued to Support SGX SMID Valuations

Median P/B increased from 0.55x to 2.25x across ROE quartiles, with a Spearman rank correlation of 0.62. Non-REIT SMIDs with ROEs above 10%...

Singapore Exchange Ltd (SGX)

The iEdge Singapore Next 50 index delivers global growth, diversified earnings, and lower STI correlation, using Singapore governance to invest in...