The SEA Analyst, thanks for your analysis on PropNex Limited (OYY; PROP SP)
"The dividend gap is the headline number for a yield-oriented investor: 9.50 cents at PropNex against 4.50 cents at APAC Realty, a 2.11× per-share gap."
Would it be more accurate to compare dividend yield?
I believe dividend per share (DPS) may not be a fair comparison.
DPS is influenced by the number of shares outstanding, which has little to do with business performance.
It was a fair point. Yield is the cleaner comparison (PropNex at 5.2% versus APAC Realty at ~3.8%), a narrower gap than the DPS figure implies.
We cited DPS because the board's track record of holding the absolute dollar payout through the FY2023–24 trough (including paying 140% of earnings in FY2024) says something about capital allocation conviction that yield alone doesn't capture. Should have been clearer about why.
The full dividend sustainability analysis, including the scenario where earnings decline 35%+, is in the institutional-length version if you want to go deeper. Would love to hear your comments there.
You are right! Thank you for the correction, At ~S$0.65, APAC Realty is closer to 7%, which actually inverts the yield comparison entirely. We'll update the numbers accordingly.
The SEA Analyst, thanks for your analysis on PropNex Limited (OYY; PROP SP)
"The dividend gap is the headline number for a yield-oriented investor: 9.50 cents at PropNex against 4.50 cents at APAC Realty, a 2.11× per-share gap."
Would it be more accurate to compare dividend yield?
I believe dividend per share (DPS) may not be a fair comparison.
DPS is influenced by the number of shares outstanding, which has little to do with business performance.
Thank you! Always glad hearing feedback from you.
It was a fair point. Yield is the cleaner comparison (PropNex at 5.2% versus APAC Realty at ~3.8%), a narrower gap than the DPS figure implies.
We cited DPS because the board's track record of holding the absolute dollar payout through the FY2023–24 trough (including paying 140% of earnings in FY2024) says something about capital allocation conviction that yield alone doesn't capture. Should have been clearer about why.
The full dividend sustainability analysis, including the scenario where earnings decline 35%+, is in the institutional-length version if you want to go deeper. Would love to hear your comments there.
Thanks for clarifying!
Somehow, I am getting ~7% dividend yield for APAC Realty, instead of 4%.
You are right! Thank you for the correction, At ~S$0.65, APAC Realty is closer to 7%, which actually inverts the yield comparison entirely. We'll update the numbers accordingly.