+ Across-the-board revenue spurt. Every category of commission revenue grew, including rental and landed properties. Leading the growth were private resales. The need for larger space and a price gap with new homes drove demand for such units. New home sales were also supported by HDB upgraders.
+ Piling up cash. Net cash broke a new record of S$118.9mn (4Q20: S$105.8mn). This was supported by record earnings and S$13mn of operating cash flows. Curiously, finance income declined 70% YoY to S$94k . Our dividend estimate for FY21e has been raised from 6 cents to 6.5 cents. Annual payout of S$24mn should be well covered by operating cash flows of S$40mn and net cash.