Macro Research: Global Healthcare 2026: Defensive profile, but not defensively priced; Downgrade to 2.5 “NEUTRAL”
• Now, the MSCI World Health Care Index trades close to +2 standard deviations above its 10-year average, with the 2027 forward P/E at 16.5x, just shy of the fair P/E of 18x.
• Over the longer term, we expect that rising sales volumes will more than compensate for near-term margin contraction, driven by broader accessibility and greater adoption of these medicines. However, in the near term, margin pressure remains a key headwind for 2026 under the MFN policy.
• We downgrade our view on the Global Healthcare Index to 2.5 Stars “Neutral” Rating to reflect the limited upside potential.
📖: Read the full article here
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• Now, the MSCI World Health Care Index trades close to +2 standard deviations above its 10-year average, with the 2027 forward P/E at 16.5x, just shy of the fair P/E of 18x.
• Over the longer term, we expect that rising sales volumes will more than compensate for near-term margin contraction, driven by broader accessibility and greater adoption of these medicines. However, in the near term, margin pressure remains a key headwind for 2026 under the MFN policy.
• We downgrade our view on the Global Healthcare Index to 2.5 Stars “Neutral” Rating to reflect the limited upside potential.
📖: Read the full article here
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FSMOne Singapore
Global Healthcare 2026: Defensive profile, but not defensively priced; Downgrade to 2.5 “NEUTRAL” | FSMOne Singapore
As the US moves forward with MFN pricing, the pharmaceutical industry will need to navigate this new pricing paradigm carefully, balancing commercial sustainability with access obligations. In addition, current valuations leave limited room for upside, particularly…
iFAST Daily Brew ☕️ - 9 January 2026
Global stocks recede as investors brace for US employment data
🇺🇸 S&P 500: 6,927 (0.01%) 📈
🇺🇸 NASDAQ: 23,490 (-0.44%) 📉
🇪🇺 STOXX 600: 604 (-0.18%) 📉
🇯🇵 Nikkei 225: 51,168 (-1.63%) 📉
🇭🇰 Hang Seng: 26,151 (-1.17%) 📉
🇨🇳 CSI 300: 4,746 (-0.82%) 📉
🇸🇬 STI: 4,739 (-0.18%) 📉
3 Things You Need To Know
1. The US trade deficit fell 39% in Oct to USD29.4 bn, the lowest since 2009, due to a 3.2% drop in imports, mainly pharmaceuticals and non-monetary gold, and a 2.6% rise in exports. The delayed report highlights tariff-related volatility skewing GDP estimates.
2. Sources suggest China might authorise limited Nvidia H200 chip imports this quarter, excluding military, sensitive agencies, critical infrastructure, and SOEs, with Alibaba and ByteDance interested in buying over 200K chips.
3. Markets are taking a breather after an early-2026 rally, as investors await Friday’s US jobs report amid Fed uncertainty and geopolitical risks.
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Global stocks recede as investors brace for US employment data
🇺🇸 S&P 500: 6,927 (0.01%) 📈
🇺🇸 NASDAQ: 23,490 (-0.44%) 📉
🇪🇺 STOXX 600: 604 (-0.18%) 📉
🇯🇵 Nikkei 225: 51,168 (-1.63%) 📉
🇭🇰 Hang Seng: 26,151 (-1.17%) 📉
🇨🇳 CSI 300: 4,746 (-0.82%) 📉
🇸🇬 STI: 4,739 (-0.18%) 📉
3 Things You Need To Know
1. The US trade deficit fell 39% in Oct to USD29.4 bn, the lowest since 2009, due to a 3.2% drop in imports, mainly pharmaceuticals and non-monetary gold, and a 2.6% rise in exports. The delayed report highlights tariff-related volatility skewing GDP estimates.
2. Sources suggest China might authorise limited Nvidia H200 chip imports this quarter, excluding military, sensitive agencies, critical infrastructure, and SOEs, with Alibaba and ByteDance interested in buying over 200K chips.
3. Markets are taking a breather after an early-2026 rally, as investors await Friday’s US jobs report amid Fed uncertainty and geopolitical risks.
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Macro Research: Hong Kong 2026 Investment Outlook: Embracing Reflation and Technology Growth
• Hong Kong equities saw meaningful valuation expansion in 2025, driving the Hang Seng Index to multi-year highs; further gains will increasingly depend on earnings growth rather than multiple expansion.
• Robust southbound inflows and strong IPO fundraising reinforce market depth and investor confidence, providing continued support for Hong Kong equities into 2026.
• We are upgrading the Hong Kong stock market’s rating from 3.0 stars to 3.5 stars, reflecting an ‘Attractive’ outlook. We forecast the Hang Seng Index to reach HKD 29,690 by 2027, implying 16% potential upside.
📖: Read the full article here
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• Hong Kong equities saw meaningful valuation expansion in 2025, driving the Hang Seng Index to multi-year highs; further gains will increasingly depend on earnings growth rather than multiple expansion.
• Robust southbound inflows and strong IPO fundraising reinforce market depth and investor confidence, providing continued support for Hong Kong equities into 2026.
• We are upgrading the Hong Kong stock market’s rating from 3.0 stars to 3.5 stars, reflecting an ‘Attractive’ outlook. We forecast the Hang Seng Index to reach HKD 29,690 by 2027, implying 16% potential upside.
📖: Read the full article here
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FSMOne Singapore
Hong Kong 2026 Investment Outlook: Embracing Reflation and Technology Growth | FSMOne Singapore
In the second half of 2025, the Hang Seng Index’s valuation rebounded as expected, driven by improving market sentiment, enhanced global liquidity, and supportive mainland policies.
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iFAST Daily Brew ☕️ - 12 January 2026
Global market gained on tech strength.
🇺🇸 S&P 500: 6,972 (0.65%) 📈
🇺🇸 NASDAQ: 23,682 (0.82%) 📈
🇪🇺 STOXX 600: 610 (0.97%) 📈
🇯🇵 Nikkei 225: 51,992 (1.61%) 📈
🇭🇰 Hang Seng: 26,234 (0.32%) 📈
🇨🇳 CSI 300: 4,768 (0.45%) 📈
🇸🇬 STI: 4,745 (0.12%) 📈
3 Things You Need To Know
1. The Supreme Court delayed its decision on the legality of President Trump's tariff powers until January 14, providing a temporary reprieve for markets worried about immediate trade disruptions.
2. Intel shares skyrocketed 10.8% after President Trump tweeted about a "great meeting" with the chipmaker's CEO, signaling strong government backing for the company's turnaround and domestic manufacturing efforts.
3. Investors closed the week with a clear "risk-on" appetite, interpreting the mixed US jobs report (fewer hires but lower unemployment) as the perfect recipe for the Federal Reserve to maintain a steady hand without urgency to hike or cut aggressively.
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Global market gained on tech strength.
🇺🇸 S&P 500: 6,972 (0.65%) 📈
🇺🇸 NASDAQ: 23,682 (0.82%) 📈
🇪🇺 STOXX 600: 610 (0.97%) 📈
🇯🇵 Nikkei 225: 51,992 (1.61%) 📈
🇭🇰 Hang Seng: 26,234 (0.32%) 📈
🇨🇳 CSI 300: 4,768 (0.45%) 📈
🇸🇬 STI: 4,745 (0.12%) 📈
3 Things You Need To Know
1. The Supreme Court delayed its decision on the legality of President Trump's tariff powers until January 14, providing a temporary reprieve for markets worried about immediate trade disruptions.
2. Intel shares skyrocketed 10.8% after President Trump tweeted about a "great meeting" with the chipmaker's CEO, signaling strong government backing for the company's turnaround and domestic manufacturing efforts.
3. Investors closed the week with a clear "risk-on" appetite, interpreting the mixed US jobs report (fewer hires but lower unemployment) as the perfect recipe for the Federal Reserve to maintain a steady hand without urgency to hike or cut aggressively.
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⭐One day only!⭐ Head to FSM Invest Expo 2026 and visit our FSMOne Insurance booth to get a FREE^ Virtual Pet blind box or a printed health report.
No purchase required. Hurry! Blind boxes are only available while stocks last.
✧｡٩(ˊᗜˋ )و✧*｡
👉🏻Read more about our event here. ^TnCs apply.
No purchase required. Hurry! Blind boxes are only available while stocks last.
✧｡٩(ˊᗜˋ )و✧*｡
👉🏻Read more about our event here. ^TnCs apply.
❤1👍1
☕💬 Kopi Talk @ FSM Invest Expo 2026
Keen to talk investing with people who know their stuff? Come by the Kopi Talk Zone to Ask Us Anything about the markets. Have an open Q&A where you can ask about what you really want to know. Speak face-to-face with financial content creators, research analysts who study the markets daily and the FSM product teams behind the investment solutions.
All this and more happening at FSM Invest Expo 2026
📅 17 January 2026 (Saturday)
📍 Suntec Convention Centre Hall 403
🎟 It’s Free!
👉 Click Here to Register for FSM Invest Expo
Keen to talk investing with people who know their stuff? Come by the Kopi Talk Zone to Ask Us Anything about the markets. Have an open Q&A where you can ask about what you really want to know. Speak face-to-face with financial content creators, research analysts who study the markets daily and the FSM product teams behind the investment solutions.
All this and more happening at FSM Invest Expo 2026
📅 17 January 2026 (Saturday)
📍 Suntec Convention Centre Hall 403
🎟 It’s Free!
👉 Click Here to Register for FSM Invest Expo
❤1👍1
iFAST Daily Brew ☕️ - 13 January 2026
Wall Street shrugs off Fed probe as tech rallied.
🇺🇸 S&P 500: 6,984 (0.17%) 📈
🇺🇸 NASDAQ: 23,744 (0.26%) 📈
🇪🇺 STOXX 600: 611 (0.22%) 📈
🇯🇵 Nikkei 225: 51,992 (0.00%) Market Closed
🇭🇰 Hang Seng: 26,610 (1.44%) 📈
🇨🇳 CSI 300: 4,799 (0.66%) 📈
🇸🇬 STI: 4,767 (0.47%) 📈
3 Things You Need To Know
1. The Trump administration has escalated its campaign against the Federal Reserve by threatening legal action against Chair Jerome Powell, which he called a pretext to pressure the Fed into cutting rates, raising concerns over central bank independence and triggering market volatility.
2. President Trump has escalated pressure on Iran by announcing an immediate 25% tariff on any country doing business with Tehran, straining major US trade relationships and increasing volatility across global markets.
3. Investors are awaiting Tuesday’s US consumer price index report, which could influence the outlook for Federal Reserve rate cuts, with markets currently betting on at least two more quarter-point cuts before year end.
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Wall Street shrugs off Fed probe as tech rallied.
🇺🇸 S&P 500: 6,984 (0.17%) 📈
🇺🇸 NASDAQ: 23,744 (0.26%) 📈
🇪🇺 STOXX 600: 611 (0.22%) 📈
🇯🇵 Nikkei 225: 51,992 (0.00%) Market Closed
🇭🇰 Hang Seng: 26,610 (1.44%) 📈
🇨🇳 CSI 300: 4,799 (0.66%) 📈
🇸🇬 STI: 4,767 (0.47%) 📈
3 Things You Need To Know
1. The Trump administration has escalated its campaign against the Federal Reserve by threatening legal action against Chair Jerome Powell, which he called a pretext to pressure the Fed into cutting rates, raising concerns over central bank independence and triggering market volatility.
2. President Trump has escalated pressure on Iran by announcing an immediate 25% tariff on any country doing business with Tehran, straining major US trade relationships and increasing volatility across global markets.
3. Investors are awaiting Tuesday’s US consumer price index report, which could influence the outlook for Federal Reserve rate cuts, with markets currently betting on at least two more quarter-point cuts before year end.
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iFAST Daily Brew ☕️ - 14 January 2026
Wall Street closed lower on credit card rate cap proposal.
🇺🇸 S&P 500: 6,970 (-0.19%) 📉
🇺🇸 NASDAQ: 23,718 (-0.10%) 📉
🇪🇺 STOXX 600: 611 (-0.08%) 📉
🇯🇵 Nikkei 225: 53,603 (3.10%) 📈
🇭🇰 Hang Seng: 26,849 (0.90%) 📈
🇨🇳 CSI 300: 4,769 (-0.60%) 📉
🇸🇬 STI: 4,807 (0.85%) 📈
3 Things You Need To Know
1. JPMorgan beat earnings estimates with adjusted EPS of USD 5.23 versus USD 5.00 expected, supported by a 17% rise in trading revenues amid market volatility, though results were partly offset by a USD 2.2 billion provision for the Apple credit card deal and softer investment banking fees.
2. The Trump administration has approved controlled sales of Nvidia’s H200 AI chips to China, subject to security reviews, volume limits, and a 25% government fee, marking a shift from outright restrictions despite ongoing national security concerns.
3. A combination of reinforced bets on Federal Reserve rate cuts and the appeal of a safe haven from the barrage of geopolitical and economic uncertainties propelled gold to the latest in a series of record highs, while silver also hit a fresh peak.
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Wall Street closed lower on credit card rate cap proposal.
🇺🇸 S&P 500: 6,970 (-0.19%) 📉
🇺🇸 NASDAQ: 23,718 (-0.10%) 📉
🇪🇺 STOXX 600: 611 (-0.08%) 📉
🇯🇵 Nikkei 225: 53,603 (3.10%) 📈
🇭🇰 Hang Seng: 26,849 (0.90%) 📈
🇨🇳 CSI 300: 4,769 (-0.60%) 📉
🇸🇬 STI: 4,807 (0.85%) 📈
3 Things You Need To Know
1. JPMorgan beat earnings estimates with adjusted EPS of USD 5.23 versus USD 5.00 expected, supported by a 17% rise in trading revenues amid market volatility, though results were partly offset by a USD 2.2 billion provision for the Apple credit card deal and softer investment banking fees.
2. The Trump administration has approved controlled sales of Nvidia’s H200 AI chips to China, subject to security reviews, volume limits, and a 25% government fee, marking a shift from outright restrictions despite ongoing national security concerns.
3. A combination of reinforced bets on Federal Reserve rate cuts and the appeal of a safe haven from the barrage of geopolitical and economic uncertainties propelled gold to the latest in a series of record highs, while silver also hit a fresh peak.
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Introducing the UOBAM Ping An FTSE ASEAN Dividend Index ETF
The UOBAM Ping An FTSE ASEAN Dividend Index ETF is an Exchange Traded Fund, which seeks to track the performance of the FTSE ASEAN ex REITs Target Dividend Index, before fees, costs and expenses. The Fund aims to closely correspond to the performance of the Index by using a direct investment policy of investing in all, or substantially all, of the underlying Index Securities in substantially the same weightings as reflected in the Index.
Subscribe online to the UOBAM Ping An FTSE ASEAN Dividend Index ETF from 7 January 2026 to 26 January 2026. To be eligible, orders must be placed before 09:30am on 26 January 2026 for both Cash Account and Auto-Sweep Account subscription.
Find out more here.
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The UOBAM Ping An FTSE ASEAN Dividend Index ETF is an Exchange Traded Fund, which seeks to track the performance of the FTSE ASEAN ex REITs Target Dividend Index, before fees, costs and expenses. The Fund aims to closely correspond to the performance of the Index by using a direct investment policy of investing in all, or substantially all, of the underlying Index Securities in substantially the same weightings as reflected in the Index.
Subscribe online to the UOBAM Ping An FTSE ASEAN Dividend Index ETF from 7 January 2026 to 26 January 2026. To be eligible, orders must be placed before 09:30am on 26 January 2026 for both Cash Account and Auto-Sweep Account subscription.
Find out more here.
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iFAST Daily Brew ☕️ - 15 January 2026
Wall Street closed lower on technology-led losses; Asia advanced on China rotation and Japan policy expectations.
🇺🇸 S&P 500: 6,931 (-0.53%) 📉
🇺🇸 NASDAQ: 23,479 (-1.00%) 📉
🇪🇺 STOXX 600: 612 (0.19%) 📈
🇯🇵 Nikkei 225: 54,396 (1.48%) 📈
🇭🇰 Hang Seng: 27,007 (0.59%) 📈
🇨🇳 CSI 300: 4,749 (-0.38%) 📉
🇸🇬 STI: 4,813 (0.11%) 📈
3 Things You Need To Know
1. The Trump administration imposed a 25% tariff on selected advanced AI chips, including Nvidia’s H200 and AMD’s MI325X, citing national security and low domestic chip production at about 10%, while exempting chips for US data centers and signaling the possibility of broader semiconductor tariffs to accelerate onshore manufacturing.
2. Bank of America reported fourth quarter earnings of USD 0.98 per share, surpassing the USD 0.96 consensus, as net interest income rose 9.7% to USD 15.75 billion, trading revenue increased 10% to USD 4.5 billion, and wealth management revenue grew 10% to USD 6.6 billion, reflecting strong performance across lending, markets, and asset management.
3. Markets have started 2026 with a formidable lineup of geopolitical flashpoints, including Iran, Greenland and Venezuela, adding to concern about record-high equity valuations on benchmarks from the global markets.
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Wall Street closed lower on technology-led losses; Asia advanced on China rotation and Japan policy expectations.
🇺🇸 S&P 500: 6,931 (-0.53%) 📉
🇺🇸 NASDAQ: 23,479 (-1.00%) 📉
🇪🇺 STOXX 600: 612 (0.19%) 📈
🇯🇵 Nikkei 225: 54,396 (1.48%) 📈
🇭🇰 Hang Seng: 27,007 (0.59%) 📈
🇨🇳 CSI 300: 4,749 (-0.38%) 📉
🇸🇬 STI: 4,813 (0.11%) 📈
3 Things You Need To Know
1. The Trump administration imposed a 25% tariff on selected advanced AI chips, including Nvidia’s H200 and AMD’s MI325X, citing national security and low domestic chip production at about 10%, while exempting chips for US data centers and signaling the possibility of broader semiconductor tariffs to accelerate onshore manufacturing.
2. Bank of America reported fourth quarter earnings of USD 0.98 per share, surpassing the USD 0.96 consensus, as net interest income rose 9.7% to USD 15.75 billion, trading revenue increased 10% to USD 4.5 billion, and wealth management revenue grew 10% to USD 6.6 billion, reflecting strong performance across lending, markets, and asset management.
3. Markets have started 2026 with a formidable lineup of geopolitical flashpoints, including Iran, Greenland and Venezuela, adding to concern about record-high equity valuations on benchmarks from the global markets.
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Macro Research: What US intervention in Venezuela means for investors
While recent events may influence sectors such as energy and industrials, they are unlikely to have broad implications for the wider equity market in the long-term.
📖: Read the full article here
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While recent events may influence sectors such as energy and industrials, they are unlikely to have broad implications for the wider equity market in the long-term.
📖: Read the full article here
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FSMOne Singapore
FSMOne Singapore - Formerly Fundsupermart.com (FSM)
Top Wealth Mgt platform in Singapore. Cash, Auto-Sweep, Funds, Bonds, Stocks, ETFs, Managed Portfolios, Debit Card & Insurance! Invest in SG, US, HK, CN, MY & UK markets with one account.
2 More Days to FSM Invest Expo 2026
Don't miss out on practical investing ideas from FSMOne & global fund managers. Join us and to learn how you can invest better in 2026!
👉 Register for free here: https://event.fsmone.com/event/microsite/investexpo2026
📅 17 January 2026 (Sat)
📍 Suntec Convention Centre — Hall 403
What you’ll get:
💡 Insightful investing ideas from iFAST Research Team & global fund management experts
📈 Insights on opportunities shaping 2026 and beyond
🧭 Ideas on positioning your portfolio through different cycles
What to expect:
🗺 Interactive discovery zones exploring investing lessons across market cycles
🧸 Blind-box plushies
🎁 Lucky draw prizes worth $10,000 — exclusive for attendees!
☕ “Kopi Talks” with financial experts
Don't miss out on practical investing ideas from FSMOne & global fund managers. Join us and to learn how you can invest better in 2026!
👉 Register for free here: https://event.fsmone.com/event/microsite/investexpo2026
📅 17 January 2026 (Sat)
📍 Suntec Convention Centre — Hall 403
What you’ll get:
💡 Insightful investing ideas from iFAST Research Team & global fund management experts
📈 Insights on opportunities shaping 2026 and beyond
🧭 Ideas on positioning your portfolio through different cycles
What to expect:
🗺 Interactive discovery zones exploring investing lessons across market cycles
🧸 Blind-box plushies
🎁 Lucky draw prizes worth $10,000 — exclusive for attendees!
☕ “Kopi Talks” with financial experts
❤1
iFAST Daily Brew ☕️ - 16 January 2026
Wall Street cheered as tech and banks rose.
🇺🇸 S&P 500: 6,949 (0.26%) 📈
🇺🇸 NASDAQ: 23,537 (0.25%) 📈
🇪🇺 STOXX 600: 615 (0.50%) 📈
🇯🇵 Nikkei 225: 54,165 (-0.42%) 📉
🇭🇰 Hang Seng: 26,931 (-0.28%) 📉
🇨🇳 CSI 300: 4,759 (0.20%) 📈
🇸🇬 STI: 4,833 (0.43%) 📈
3 Things You Need To Know
1. Goldman Sachs beat Q4 expectations with EPS of USD 14.01 versus USD 11.67, driven by record equity trading of USD 4.31 billion, FICC up 12.5% to USD 3.11 billion, and investment banking fees up 25% to USD 2.58 billion, with 2026 M&A and IPO activity supported by lower rates, strong corporate cash, and AI-driven deals despite higher costs.
2. The US-Taiwan trade pact lowers tariffs on Taiwanese goods to 15% from 20% and secures up to USD 500 billion in financing support plus at least USD 250 billion in direct semiconductor and AI investments in the US, anchoring TSMC’s expanded Arizona buildout while tying tariff relief to large scale onshore production amid rising geopolitical and supply chain pressures.
3. After years of watching technology stocks drive the US bull market, investors are betting the rally will broaden to industrial, healthcare and small-cap companies, with a chance they can catch up and assert market leadership.
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Wall Street cheered as tech and banks rose.
🇺🇸 S&P 500: 6,949 (0.26%) 📈
🇺🇸 NASDAQ: 23,537 (0.25%) 📈
🇪🇺 STOXX 600: 615 (0.50%) 📈
🇯🇵 Nikkei 225: 54,165 (-0.42%) 📉
🇭🇰 Hang Seng: 26,931 (-0.28%) 📉
🇨🇳 CSI 300: 4,759 (0.20%) 📈
🇸🇬 STI: 4,833 (0.43%) 📈
3 Things You Need To Know
1. Goldman Sachs beat Q4 expectations with EPS of USD 14.01 versus USD 11.67, driven by record equity trading of USD 4.31 billion, FICC up 12.5% to USD 3.11 billion, and investment banking fees up 25% to USD 2.58 billion, with 2026 M&A and IPO activity supported by lower rates, strong corporate cash, and AI-driven deals despite higher costs.
2. The US-Taiwan trade pact lowers tariffs on Taiwanese goods to 15% from 20% and secures up to USD 500 billion in financing support plus at least USD 250 billion in direct semiconductor and AI investments in the US, anchoring TSMC’s expanded Arizona buildout while tying tariff relief to large scale onshore production amid rising geopolitical and supply chain pressures.
3. After years of watching technology stocks drive the US bull market, investors are betting the rally will broaden to industrial, healthcare and small-cap companies, with a chance they can catch up and assert market leadership.
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🎉HAPPENING TOMORROW🎉
Don't miss this chance to take home a ^free virtual pet blind box👾 or printed health report. Simply head to our booth at FSM Invest Expo, pick a task and take a freebie home. Take home a freebie at no cost to you.🎁
👉🏻Read more about our event here. ^TnCs apply.
Don't miss this chance to take home a ^free virtual pet blind box👾 or printed health report. Simply head to our booth at FSM Invest Expo, pick a task and take a freebie home. Take home a freebie at no cost to you.🎁
👉🏻Read more about our event here. ^TnCs apply.
Stock Idea: PropNex’s winning formula: The people behind the property boom
• Market Leadership & Business Model: PropNex is Singapore’s largest real estate agency by number of agents, operating an asset-light, low-debt model across four segments: agency services, project marketing, administrative support, and training. Its earnings are mainly driven by commissions from property transactions, with the agency retaining around 10 to 30% per transaction.
• Financial Strength & Shareholder Returns: The company delivers superior ROE (32.9% in 2024 vs 4.6% for its peer ERA), strong net margins, and high dividend payouts supported by minimal debt and net cash. Interim dividend of 5 cents per share for 1H25 reflects a payout ratio of 88%, underlining shareholder-oriented capital allocation.
• Valuation & Upside Potential: Trading at 17.9X forward P/E, two standard deviations above its historical average as well as APAC Realty, PropNex remains attractive on a forward-looking basis. Strong earnings growth from new launches, proprietary technology and dominant market position support a target price of SGD 2.98, implying 58.6% upside and 5.8% estimated dividend yield.
📖: Read the full article here
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• Market Leadership & Business Model: PropNex is Singapore’s largest real estate agency by number of agents, operating an asset-light, low-debt model across four segments: agency services, project marketing, administrative support, and training. Its earnings are mainly driven by commissions from property transactions, with the agency retaining around 10 to 30% per transaction.
• Financial Strength & Shareholder Returns: The company delivers superior ROE (32.9% in 2024 vs 4.6% for its peer ERA), strong net margins, and high dividend payouts supported by minimal debt and net cash. Interim dividend of 5 cents per share for 1H25 reflects a payout ratio of 88%, underlining shareholder-oriented capital allocation.
• Valuation & Upside Potential: Trading at 17.9X forward P/E, two standard deviations above its historical average as well as APAC Realty, PropNex remains attractive on a forward-looking basis. Strong earnings growth from new launches, proprietary technology and dominant market position support a target price of SGD 2.98, implying 58.6% upside and 5.8% estimated dividend yield.
📖: Read the full article here
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FSMOne Singapore
PropNex’s winning formula: The people behind the property boom | FSMOne Singapore
We discuss what could be driving PropNex’s earnings in the coming years and how it may offer a compelling way to capitalise on the resilience and long-term uptrend of Singapore’s housing market.
1 More Day to FSM Invest Expo 2026
Happening Tomorrow - Investing Ideas for 2026, $10,000 worth of Lucky Draw Prizes to be won, lots of opportunities to discuss investing in global markets.
👉 Register for free: https://event.fsmone.com/event/microsite/investexpo2026
📅 17 January 2026 (Sat)
📍 Suntec Convention Centre — Hall 403
What you’ll get:
💡 Insightful investing ideas from iFAST Research Team & global fund management experts
📈 Insights on opportunities shaping 2026 and beyond
🧭 Ideas on positioning your portfolio through different cycles
What to expect:
🗺 Interactive discovery zones exploring investing lessons across market cycles
🧸 Blind-box plushies
🎁 Lucky draw prizes worth $10,000 — exclusive for attendees!
☕ “Kopi Talks” with financial experts
Happening Tomorrow - Investing Ideas for 2026, $10,000 worth of Lucky Draw Prizes to be won, lots of opportunities to discuss investing in global markets.
👉 Register for free: https://event.fsmone.com/event/microsite/investexpo2026
📅 17 January 2026 (Sat)
📍 Suntec Convention Centre — Hall 403
What you’ll get:
💡 Insightful investing ideas from iFAST Research Team & global fund management experts
📈 Insights on opportunities shaping 2026 and beyond
🧭 Ideas on positioning your portfolio through different cycles
What to expect:
🗺 Interactive discovery zones exploring investing lessons across market cycles
🧸 Blind-box plushies
🎁 Lucky draw prizes worth $10,000 — exclusive for attendees!
☕ “Kopi Talks” with financial experts
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FSM Invest Expo is happening tomorrow! Here's a little sneak peek 👀
Registrations are still open if you haven't already registered - we are looking forward to seeing you 😊
📅 Saturday, 17 January 2026
📍 Suntec Singapore Convention & Exhibition Centre Hall 403
🖊️ Register Now (Free Admission): https://event.fsmone.com/event/microsite/investexpo2026
Registrations are still open if you haven't already registered - we are looking forward to seeing you 😊
📅 Saturday, 17 January 2026
📍 Suntec Singapore Convention & Exhibition Centre Hall 403
🖊️ Register Now (Free Admission): https://event.fsmone.com/event/microsite/investexpo2026
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