PROPNEX LIMITED AGM 25 April 2019 1
Disclaimer This presentation does not constitute or form part of any opinion on any advice to sell, or any solicitation of any offer to subscribe for any shares nor shall it or any part of it nor the fact of its presentation form the basis of, or be relied upon in connection with, any contract or investment decision or commitment whatsoever. This presentation does not purport to be complete and is qualified in its entirety by, and should be read in conjunction with, the full text of PropNex Limited’s Annual Report 2018 (“ AR2018 ”) . The information contained in this presentation should not be relied on as any representation or warranty by Propnex Limited (the “ Company ” or “ PropNex ”) . The past performance of the Company is not necessarily indicative of its future performance. Certain statements made in this presentation may not be based on historical information or facts and may be "forward-looking" statements due to a number of risks, uncertainties and assumptions. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, competition from similar businesses and governmental and public policy changes and terms necessary to support future business. Such forward-looking statements speak only as of the date on which they are made and PropNex does not undertake any obligation to update or revise any of them, whether as a result of new information, future events or otherwise. Accordingly, you should not place undue reliance on any forward-looking statements. This presentation has been prepared by the Company and its contents have been reviewed by Propnex, for compliance with the relevant rules of the SGX-ST (the “Exchange”) . Propnex has not independently verified the contents of this presentation. This presentation has not been examined or approved by the Exchange. Propnex and the Exchange assume no responsibility for the contents of this presentation, including the correctness of any of the statements or opinions made or reports contained in this presentation. No warranty or representation, expressed or implied, is made with respect to the information set out in this presentation, nor will the Company be responsible for the consequences of reliance on any opinion or statement set out herein. Page 2
OVERVIEW • Market Leader with First Mover Advantages • Maiden Set of Full Year Results since Listing • Over 10% Growth in Salespersons • Record Net Profit for FY2018 • Anticipated Line-up of over 50 New Project Launches in 2019 Page 3
FINANCIAL SNAPSHOT Income Statement Page 4
PROPNEX ACHIEVES RECORD NET PROFIT OF S$21.9m IN FY18 • Revenue surged 30.0% to S$431.5m • SG Salesforce expanded 10.7% YoY from 6,684 to 7,400 * • As of 25 March 2019, SG salesforce is 7,565 . • Proposed final & special dividends 3.5 cents per share (payout S$12.95m, 66.7% of PATNCI) • Proposed dividend payout = 143% of post-IPO profits • 6.3% yield at 56 cents per share @ 22 Feb 2019 • 10.8% annualised dividend yield based on IPO price of 65 cents *Source: The Council for Estate Agencies (“CEA”) as at 1 Jan 2019 • , Page 5
FY18 INCOME STATEMENT FY2018 FY2017 (in S$'000) Sales force FY18: 7400, Rev 431,539 331,851 30% FY17: 6684 Agency FY18: $307.8m, • COS (390,177) (298,096) 31% FY17: $216.6m GP 41,362 33,755 Proj Mktg FY18: $117.3m, • GP% 10% 10% FY17: $109.8m Other income 4,202 2,938 43% Staff costs (12,069) (8,283) 46% Expenses (ex IPO) (6,009) (6,253) (4%) IPO expenses (1,113) - NM Ave. HC FY18: 165, FY17: • NPBT 26,373 22,157 19% 147 NP% 6% 7% • Sal. increment & bonuses Tax (4,436) (3,271) 36% • Exec. Dir. salary NPAT 21,937 18,886 16% NPAT ex. IPO exp 23,050 18,886 22% EPS (in cents) 5.72 5.30 7.9% Page 6
GROUP REVENUE REVENUE (S$’ M) Mainly due to increase in commission income from agency services, project marketing services as a result of growth of SG salesforce from 6,684 as at 1 Jan 2018 to 7,400 as at 1 Jan 2019 * Adjusted to reflect SFRS(I) 15 Page 7
CAGR 45.3% CAGR 29.2% CAGR 40.5% Page 8 Page 8
REVENUE BREAKDOWN 43% 40% Source: PropNex Page 9
MARKET SHARE HDB RESALE Market Share By No of Units Source: Frost & Sullivan Pte Ltd, HDB The market share information also includes transactions where PropNex salespersons act on behalf of buyers and sellers in co-broking with external agencies. Page 10
MARKET SHARE PRIVATE RESALE Market Share By No of Units Source: Frost & Sullivan Pte Ltd, URA The market share information also includes transactions where PropNex salespersons act on behalf of buyers and sellers in co-broking with external agencies. Page 11
MARKET SHARE PRIVATE LEASING Market Share By No of Units Source: Frost & Sullivan Pte Ltd, URA The market share information also includes transactions where PropNex salespersons act on behalf of buyers and sellers in co-broking with external agencies. Page 11
MARKET SHARE NEW LAUNCHES (Private Primary Market) Market Share By No of Units Source: Frost & Sullivan Pte Ltd, URA The market share information also includes transactions where PropNex salespersons act on behalf of buyers and sellers in co-broking with external agencies. New launches market share data includes EC, non-landed and landed transactions. Page 12
BUSINESS UPDATES • Anticipated over 50 New Launches in 2019 • URA Overall Private Residential Transactions FY18: 22,139, FY17: 25,010, 11.5% • Private Residential Demand from En-Bloc owners, 2019 similar to 2018 • HDB Resale Transactions FY18: 23,099, FY17: 22,077, 4.6% • HDB FY19 to witness consistent growth Page 14
PROJECTS MARKETED TO DATE (Launched in 2017) No. of Project Units 1 26 Newton 180 Bold – Appointed after initial launch 2 Artra (New Launch) 400 3 Goodwood Grand 65 4 Kandis Residences 130 5 Le Quest (New Launch) 516 6 Leedon Residences 381 7 Lloyd Sixty Five 76 8 Marina Collection 124 9 Martin Modern (New Launch) 450 10 Pearl Island 10 11 Queens Peak 736 12 Reflections at Keppel Bay 1,129 13 The Line at Tanjong Rhu 130 14 The Peak at Cairnhill II 60 (New Launch) 15 Three Balmoral 40 Source: PropNex, Not inclusive of TOTAL 4,427 Commercial/ Industrial Projects Page 15
PROJECTS MARKETED TO DATE (Launched in 2018) Source: PropNex, Not inclusive of Commercial/ Industrial Projects Project No. of Units Project No. of Units 17 Daintree Residences 327 1 New Futura 124 18 The Tre Ver 729 2 The Tapestry 861 3 8 Hullet 44 19 Jadescape 1,206 4 Wallich Residences 181 20 Bukit 828 34 5 Rivercove Residences 628 21 Mont Botanik 108 22 Mayfair Gardens 215 6 Twin Vew 520 23 The Jovell 428 7 120 Grange 56 24 8 St Thomas 250 8 Margaret Ville 309 25 Belgravia Green* 81 9 The Garden Residences 613 26 Whistler Grand* 716 10 The Enclave @ Holland 26 27 Kent Ridge Hill 11 Marina One Residences 521 548 Residences* 12 South Beach Residences 190 28 Amber 45 139 13 3 Cuscaden* 96 29 Cashew Green 19 14 3 Orchard by the Park 77 30 Mayfair Modern* 171 15 Riverfront Residences 1,472 31 Parc Esta* 1,399 16 Park Colonial 805 Bold: Take-over projects TOTAL 12,893 Page 16
PROJECTS PERFORMANCE IN 2018 ✓ PropNex was involved in 31 project launches in 2018: 26 were new launches and 5 were appointed after the initial launch. ✓ The Group closed the highest number of units in 21 of these 26 new launches , against other joint marketing agencies during the launch weekend . Page 17
PROJECTS LINED UP IN 2019 ✓ Anticipated line-up of 69 projects with approximately 25,000 units as government land bids and collective sales secured by developers in 2017/18 will be ready for launches in 2019/20. ✓ As at 23 April 19, PropNex is appointed for 44 new projects, with approximately 19,000 units earmarked to be launched in 2019 ✓ Other existing projects/units available for sale in 2019 ✓ As of URA 4Q 2018 Figures: Approximately 35,000 unsold units (including ECs) with planning approvals Page 18
PROJECTS LINED UP IN 2019 EST. NO OF ESTIMATED PROJECT NAME LOCATION DEVELOPER UNITS LAUNCH 1 H1 2019 UPTOWN @ FARRER PERUMAL ROAD LOW KENG HUAT 116 FANTASIA PARKWOOD LORONG 1 REALTY 2 H1 2019 INVESTMENT 53 COLLECTION PARK (SINGAPORE) ROXY PACIFIC 3 H1 2019 RV ALTITUDE RIVER VALLEY ROAD 140 HOLDINGS ROXY PACIFIC 4 H1 2019 *DUNEARN 386 DUNEARN COURT 35 HOLDINGS KINGSFORD 5 H1 2019 *NORMANTON PARK NORMANTON PARK 1,862 DEVELOPMENT 6 H1 2019 *PARC CLEMATIS Jalan Lempeng SingHaiyi Group 1,468 7 H1 2019 *ONE MEYER Meyer Road Sustained Land 60 Spring Court owner-led 8 H1 2019 Jervois Road 50 consortium *JERVOIS PRIVE 9 H1 2019 *LATTICE ONE Seraya Crescent Tee Land 40 Page 19 *Former name/no appointed project name
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