PGRU Stock Forecast & Price Target

PropertyGuru Group Ltd has demonstrated robust growth within its key markets, notably achieving a 23% year-over-year growth in Singapore and a healthy economic backdrop in Malaysia, characterized by 4% GDP growth in the first quarter. The company's quarterly Average Revenue Per Agent (ARPA) has also grown by 22% year-over-year, supported by an increasing number of agents entering the market, which enhances demand for listing services. Furthermore, the anticipated revenue growth for FY24 is projected at 10% to 20% year-over-year, indicating a positive outlook driven by structural industry factors and solid execution in its service offerings.

PropertyGuru Group Ltd is facing significant challenges, particularly in its Vietnam and Other Asia segments, with a year-over-year revenue decline of 22% and 23%, respectively, primarily due to governmental restrictions and strategic exits. Additionally, while revenue growth in Malaysia stagnated at flat year-over-year, the overall performance led to a lowered adjusted EBITDA forecast for FY24/FY25 in the range of S$22M-S$26M, indicating financial strain. The company's reported revenue of S$36.5M, which was moderately below market consensus expectations, further underscores the negative sentiment surrounding its growth prospects.