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PropNex
06-07-2018, 10:24 PM.
Post: #1
PropNex
Stabilising Action

UOB Kay Hian Private Limited, as the stabilising manager, today purchased 4,650,000 shares of PropNex Limited in the price range of SGD 0.6000 to SGD 0.635 per share. This translates to a purchase consideration of between S$2.79 million and S$2.95275 million.

PropNex today closed at S$0.520 -0.170 (-24.637%).

IPO price : $S0.65 per share.

One of the victims of higher ABSD rate and tightening of LTV limits.
Specuvestor: Asset - Business - Structure.

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07-07-2018, 12:17 AM.
Post: #2
RE: PropNex
Yeah... unlucky timing. I was rather surprised but this shows Govt is playing an active role in regulation our property industry and it is not afraid to show it.
Full-time Investor and Blogger at https://kelvestor.com/

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07-07-2018, 02:00 PM.
Post: #3
RE: PropNex
(07-07-2018, 12:17 AM)kelvesy Wrote: Yeah... unlucky timing. I was rather surprised but this shows Govt is playing an active role in regulation our property industry and it is not afraid to show it.

They have no choice to keep banking system safe.  Ah tiong just come and embloc, then buy and buy, then a lot of local money also follow. Then later when China crash and those developer bankrupt, our local property sector will crash and destabilise the financial sector. 

So now go after developer.
Virtual currencies are worth virtually nothing.
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09-07-2018, 07:12 PM.
Post: #4
RE: PropNex
Stabilising Action

Date of Purchases : 9 July 2018
Total number of shares purchased : 3,850,000 shares
Price rang of purchases : SGD0.560 to SGD0.590 per share



UOB Kay Hian Private Limited has undertaken, either as principal or through dealers on its behalf, stabilising action on SGX-ST and purchased to date an aggregate of 8,500,000 shares at a price range of S$0.560 to S$0.635 per share.

Price stabilisation will cease tomorrow.
Specuvestor: Asset - Business - Structure.

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09-07-2018, 08:16 PM.
Post: #5
RE: PropNex
Great timing for vendors. Terrible timing for IPO subscribers.

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08-08-2018, 07:33 PM.
Post: #6
RE: PropNex
Financial Results for Half-Year Ended 30 June 2018 ("1H 2018")

Highlights :
1. For 1H 2018, 67.4% growth in revenue to $224.4 million, compared to $134.0 million in 1H 2017
2. The Group turned in a net profit of $11.7 million (inclusive of minority interests) for 1H 2018, representing an upsurge of 48.6%, compared to $7.9 million in 1H 2017
3. For 1H 2018, earning per share was 2.80 Singapore cent
4. As at 30 June 2018, with cash and cash equivalents of approximately $28.1 million, compared with $18.8 million as at 30 June 2017
5. The Group does not have gearing
6. As at 30 June 2018, net asset value per share was S$0.1563
7. Group’s salesforce grew 10.6% to 7,395, up from 6,684 in January 2018
8. PropNex extends regional footprint with operations in Vietnam expected to commence in 3Q 2018
9. PropNex currently has overseas operations in Indonesia with 800 salespersons across 18 offices, and 100 salespersons in Malaysia.

More details in :
1. http://infopub.sgx.com/FileOpen/PX%20Res...eID=520678
2. http://infopub.sgx.com/FileOpen/Press%20...eID=520679

Propnex today closed at S$0.595 (-0.010), down 1.652%.
Specuvestor: Asset - Business - Structure.

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14-08-2018, 04:39 PM.
Post: #7
RE: PropNex
Master Franchise Agreement with PropNex Realty (Vietnam) Company Limited

PropNex Limited announced that the Company’s wholly-owned subsidiary, PropNex Realty Pte. Ltd. (the "Franchisor"), had on 14 August 2018 entered into a Master Franchise Agreement with PropNex Realty (Vietnam) Company Limited (the "Franchisee"), pursuant to which the Franchisee is appointed as a Master Franchisee of the Franchisor in Vietnam to establish, manage and operate PropNex franchise agency offices under the Trade Marks and franchise in Vietnam in accordance to the terms and conditions set out in the Agreement.

The entry into the Agreement is in line with the Group’s regional expansion plans; the Group hopes that through this franchise arrangement, it can strengthen its market position, value-add and expand into Vietnam. The Agreement is for an initial term of ten (10) years commencing from 14 August 2018, and may be renewed for a further ten (10) years subject to the fulfilment of the conditions as stipulated in the Agreement.

More details in :
1. http://infopub.sgx.com/FileOpen/PNL-Mast...eID=521460
2. http://infopub.sgx.com/FileOpen/PNL-Pres...eID=521461
Specuvestor: Asset - Business - Structure.

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21-08-2018, 08:51 PM. (This post was last modified: 22-08-2018, 08:16 AM by kelvesy.)
Post: #8
RE: PropNex
In the first seven months, PropNex had led in the sales performance for 12 out of 15 of the project launches, having closed the most number of units ahead of the other joint marketing agencies.

PropNex has been mandated for another 20 upcoming New Project Launches with approximately 10,800 units for 2H2018/2019. Within the next 5 months, PropNex is expected to launch 15 projects, totaling 5,462 units, which will present more opportunities for PropNex’s salespersons.

CONTRAST WITH APAC REALTY (ERA)

To date, ERA has launched 15 projects in the first 7 months of 2018, or a total of 8,625 units. Another 10 projects, or 4,383 units, are due to launch in the next 5 months which signifies growth potential for the Group and more opportunities for ERA salespersons in the second half of 2018.

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1H for Propnex
profits for owners = 10.374m
add back 1.113m of IPO expenses = 11.48m.

So for 1H, they did 15 projects. 2H going to do 20 projects.
If we assume same earnings, annualising it 11.48m x 2 = 22.96m

According to PropNex prospectus, it will have roughly 63.1m of cash and no debt. the latest financial results do not reflect the cash yet because the financial quarter ended before IPO, so cash hasn't came in yet.

PropNex's current market cap is 210.9m minus cash of 63.1m, you'll get 147.8m of business value or enterprise value.

147.8m (enterprise value) divided by earnings of 22.96m = (EV/Profits) of 6.4x

APAC Realty is trading around 5.5x (EV/profits). Market seems to give a premium to PropNex for its market leadership and its growth.
Full-time Investor and Blogger at https://kelvestor.com/

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