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)

<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

Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Headquartered in Singapore, SooChow CSSD Capital Markets (Asia) is an investment bank focusing on emerging growth companies across Asia, providing a full suite of investment banking services, including corporate finance, mergers and acquisitions advisory, equity capital markets, institutional equities sales and trading and equities research.

SooChow CSSD Capital Markets (Asia)

Thematic (Sector/Industry)

<ul><li><a href="https://www.smartkarma.com/entities/parkway-life-reit" target="_blank" data-smartkarma-citation="entities:13422" rel="noopener">Parkway Life REIT (PREIT SP)</a> 1H22 DPU +1.5% YoY; New rental term underpins organic growth</li><li><a href="https://www.smartkarma.com/entities/lippo-malls-indonesia-retail-trust" target="_blank" data-smartkarma-citation="entities:10946" rel="noopener">Lippo Malls Indonesia Retail Trust (LMRT SP)</a> 2Q22 DPU flat YoY; Occupancy gradually rebounded QoQ with improvement in shopper traffic</li><li><a href="https://www.smartkarma.com/entities/frasers-property-ltd" target="_blank" data-smartkarma-citation="entities:1670" rel="noopener">Frasers Property Ltd (FPL SP)</a>   3Q22 Business Updates – Robust I&amp;L leasing activity, retail and hospitality picking up in pace</li></ul>

Parkway Life REIT (PREIT SP) 1H22 DPU +1.5% YoY; New rental term underpins organic growthLippo Malls Indonesia Retail Trust (LMRT SP) 2Q22 DPU flat YoY; Occupancy gradually rebounded QoQ with improvement in shopper trafficFrasers Property Ltd (FPL SP)   3Q22 Business Updates – Robust I&amp;L leasing activity, retail and hospitality picking up in pace

ASEAN Builder's Scoop (10Aug22) - PREIT New Rental Term Underpins Growth

<ul><li><a href="https://www.smartkarma.com/entities/propnex-ltd" target="_blank" data-smartkarma-citation="entities:27209" rel="noopener">Propnex Ltd (PROP SP)</a> 1Q22 NPAT fell 8% YoY; Expects prices to grow 3-5% in 2022</li><li>Condo resale prices edge up +0.7% MoM as suburban prices hit new record high</li><li><a href="https://www.smartkarma.com/entities/centurion-corp-ltd" target="_blank" data-smartkarma-citation="entities:5186" rel="noopener">Centurion Corp (CENT SP)</a> 1Q22 revenue rose ~47% YoY on enlarged capacity and new business streams</li></ul>

Propnex Ltd (PROP SP) 1Q22 NPAT fell 8% YoY; Expects prices to grow 3-5% in 2022Condo resale prices edge up +0.7% MoM as suburban prices hit new record highCenturion Corp (CENT SP) 1Q22 revenue rose ~47% YoY on enlarged capacity and new business streams

ASEAN Builder's Scoop (11May22) - PROP Home Prices to Rise 3-5% in 2022

<ul><li><a href="https://www.smartkarma.com/entities/capitaland-investment-ltd-si" target="_blank" data-smartkarma-citation="entities:33774" rel="noopener">Capitaland Investment (CLI SP)</a> FY21 performance beats as fund management business takes off; Lodging recovering further</li><li><a href="https://www.smartkarma.com/entities/city-developments-ltd" target="_blank" data-smartkarma-citation="entities:57" rel="noopener">City Developments (CIT SP)</a> returns to black in 2H21; A surprise CDREIT dividend in specie</li><li><a href="https://www.smartkarma.com/entities/propnex-ltd" target="_blank" data-smartkarma-citation="entities:27209" rel="noopener">Propnex Ltd (PROP SP)</a> 4Q21 net profit rose 90.5% YoY; Declared total dividends of S$0.125/share (~7.3% implied yield)</li></ul>

Capitaland Investment (CLI SP) FY21 performance beats as fund management business takes off; Lodging recovering furtherCity Developments (CIT SP) returns to black in 2H21; A surprise CDREIT dividend in speciePropnex Ltd (PROP SP) 4Q21 net profit rose 90.5% YoY; Declared total dividends of S$0.125/share (~7.3% implied yield)

ASEAN Builder's Scoop 25Feb22 - CLI Fund Management Takes Off

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

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

ASEAN Builder's Scoop (10Aug22) - PREIT New Rental Term Underpins Growth

LMRT gradual rebound in occupancy; FPL robust I&L, retail & hospitality picking up pace; MEG strong 1H22 earnings; DILD-Mitbana JV to develop resi...

SCCM Asia Research

ASEAN Builder's Scoop (11May22) - PROP Home Prices to Rise 3-5% in 2022

Suburban resale condo prices hit new record in Apr22; SMPH boosted by rebounding mall biz; Office demand outside NCR improving

SCCM Asia Research

ASEAN Builder's Scoop 25Feb22 - CLI Fund Management Takes Off

CIT surprise CDREIT divvy in specie; PROP ~7.3% implied divvy yield; ALLHC 4Q21 earnings fell 27% YoY; SDPR targets MYR2.8bn new launches

SCCM Asia Research

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