PropertyGuru Group Ltd (PGRU) 2024 Q1 法說會逐字稿

Thank you for standing by and welcome to the PropertyGuru Group first-quarter 2024 earnings conference call. Currently, all participants are in a listen-only mode. As a reminder, today's program will be recorded. If anyone objects, please disconnect now.

感謝您的耐心等待並歡迎參加 PropertyGuru 集團 2024 年第一季財報電話會議。目前，所有參與者都處於僅監聽模式。提醒一下，今天的節目將被錄製。如果有人反對，請立即斷開連接。

Now let me introduce Nat Otis, Vice President of Investor Relations. Mr. Otis, please go ahead.

現在讓我介紹一下投資者關係副總裁納特‧奧蒂斯(Nat Otis)。奧蒂斯先生，請繼續。

Good morning and good evening. Welcome to PropertyGuru Group's first-quarter 2024 earnings conference call. On the call today are Jeremy Williams, Managing Director of our flagship business, Marketplaces; and Joe Dische, CFO. Before we get started, a few reminders.

早安，晚上好。歡迎參加 PropertyGuru 集團 2024 年第一季財報電話會議。今天參加電話會議的是我們旗艦業務 Marketplaces 的董事總經理 Jeremy Williams；和財務長喬·迪什。在我們開始之前，有一些提醒。

Firstly, our results are available in the earnings release that can be found in the Investors section of our website. Secondly, today's webcast is being recorded. A replay and transcript will be available in the Investors section of our website.

首先，我們的業績可在我們網站的投資者部分找到的收益報告中找到。其次，今天的網路直播正在錄製中。我們網站的投資者部分將提供重播和文字記錄。

Thirdly, we will be making forward-looking statements, including but not limited to statements regarding our future results and expectations for the business. These statements are neither promises nor guarantees and involve risks and uncertainties that may cause actual results to vary materially. Please refer to our earnings release and SEC filings for more information regarding risk factors. Forward-looking statements are based on current expectations, and the company is not obligated to update them except as required by law.

第三，我們將做出前瞻性陳述，包括但不限於有關我們未來業績和業務預期的陳述。這些陳述既不是承諾也不是保證，並且涉及可能導致實際結果發生重大變化的風險和不確定性。有關風險因素的更多信息，請參閱我們的收益發布和 SEC 文件。前瞻性陳述基於當前的預期，除非法律要求，否則公司沒有義務更新它們。

Fourthly, this call contains non-IFRS financial measures. For a reconciliation of non-IFRS financial measures to the most directly comparable IFRS metric, please see our earnings press release. Lastly, all dollar references are in Singapore dollars unless otherwise stated.

第四，本次電話會議包含非國際財務報告準則的財務指標。有關非國際財務報告準則財務指標與最直接可比較的國際財務報告準則指標的調節，請參閱我們的收益新聞稿。最後，除非另有說明，所有美元參考均以新加坡元為單位。

With that, let me turn the call over to Jeremy.

接下來，讓我把電話轉給傑瑞米。

Thanks very much, Nat. Thank you for joining us for our first-quarter 2024 earnings conference call. I've been the Managing Director of PropertyGuru's Marketplaces business for the past six years, and it's great to be part of today's call. PropertyGuru recently marked its two-year anniversary of being a publicly listed company, and we thought this would be a good opportunity for me to update everyone on our continued progress.

非常感謝，納特。感謝您參加我們的 2024 年第一季財報電話會議。在過去的六年裡，我一直擔任 PropertyGuru Marketplaces 業務的董事總經理，很高興參加今天的電話會議。PropertyGuru 最近慶祝了其成為上市公司兩週年紀念日，我們認為這對我來說是一個向大家介紹我們持續進展的好機會。

Now, to the quarter. We started 2024 with another solid quarter of double-digit revenue growth and double-digit adjusted EBITDA margin, demonstrating our business model's strength and operating leverage. Amongst highlights, our Singapore performance illustrated the value proposition we deliver to our customers even during a period of slower market activity. We also saw some early signs of property market recovery in Vietnam and Malaysia.

現在，到了季度。2024 年伊始，我們又一個季度實現了兩位數的營收成長和兩位數的調整後 EBITDA 利潤率，這證明了我們業務模式的實力和營運槓桿。其中的亮點之一是，我們在新加坡的業績反映了我們即使在市場活動放緩時期也能向客戶提供的價值主張。我們也看到越南和馬來西亞房地產市場復甦的一些早期跡象。

The first quarter witnessed governments across our region introducing robust policies that will help accelerate growth in the short to medium term and uplift property market sentiments. I will now zoom in on the key updates and property trends from our markets this quarter.

第一季度，我們地區各國政府推出了強而有力的政策，這將有助於加速中短期成長並提振房地產市場情緒。我現在將重點介紹本季市場的主要更新和房地產趨勢。

In Singapore, the government continues to project growth in the 1% to 3% range for 2024, with first-quarter GDP coming in at the high end of the range. Of note, construction-related GDP continues to outperform overall levels and was up over 4% in the first quarter, which bodes well for future housing supply. No near-term changes in interest rates are expected as the Singapore Central Bank maintains its current monetary policy while continuing to monitor inflation.

在新加坡，政府繼續預期 2024 年經濟成長在 1% 至 3% 範圍內，第一季 GDP 將處於該範圍的高端。值得注意的是，建築相關GDP持續跑贏整體水平，第一季成長超過4%，對未來的房屋供應來說是個好兆頭。由於新加坡央行維持當前貨幣政策，同時繼續監控通膨，預計利率短期內不會改變。

The Singapore property market has had a tempered start to the year as higher housing prices, elevated interest rates, and overall market uncertainty have weighed on consumer demand. On the sales side, our property sale demand index was down 17% in the quarter, while both prices and supply were up 1% compared to the prior year's quarter.

由於房價上漲、利率上升以及整體市場的不確定性打壓了消費者需求，新加坡房地產市場今年開局不溫不火。在銷售方面，本季我們的房地產銷售需求指數下降了 17%，而價格和供應量均比去年同期增加了 1%。

On the rental side, our rental demand index was 38% lower than in the first quarter of 2023. As a result of both the reduced demand and a 66% increase in supply, rental prices were down 7% from a year ago.

在租賃方面，我們的租賃需求指數比 2023 年第一季下降了 38%。由於需求減少和供應增加 66%，租金價格比一年前下降了 7%。

Whether it's sales or rental, the cautious buyer sentiment in Singapore drives greater agent competition, highlighting our sweet spot in providing vital, value-add solutions for agents when transaction volumes slow down. As a result, our top line continues to grow despite softer market conditions, underscoring the optimism we have in our Singapore business going forward.

無論是銷售還是租賃，新加坡謹慎的買家情緒推動了更激烈的代理商競爭，凸顯了我們在交易量放緩時為代理商提供重要的增值解決方案的最佳優勢。因此，儘管市場狀況疲軟，我們的營收仍持續成長，突顯了我們對新加坡業務未來的樂觀態度。

In Malaysia, housing affordability continues to be the primary issue in 2024. Malaysian GDP grew over 4% in the first quarter, in line with central bank expectations for 4% to 5% growth for the full year. The Malaysia Central Bank chose to maintain interest rates at their current level in March as inflation remains in check.

在馬來西亞，住房負擔能力仍然是 2024 年的首要問題。馬來西亞第一季GDP成長超過4%，符合央行全年成長4%至5%的預期。由於通膨仍然受到控制，馬來西亞央行選擇在三月將利率維持在當前水準。

While the limited availability of affordable, mid-range housing, and the price gap between buyers and sellers in Malaysia remain two of the biggest impediments to our property market recovery, we do see some signs of improving buyer interest. According to our recent Malaysian Consumer Sentiment Survey, one in three Malaysians intend to buy a property in the next two years even if prices continue to rise. This bodes well for the prospects of a market recovery in the medium term.

雖然馬來西亞經濟適用房、中檔住房的供應有限以及買家和賣家之間的價格差距仍然是我們房地產市場復甦的兩個最大障礙，但我們確實看到了一些買家興趣改善的跡象。根據我們最近的馬來西亞消費者信心調查，即使價格繼續上漲，三分之一的馬來西亞人仍打算在未來兩年內購買房產。這對中期市場復甦的前景來說是個好兆頭。

In Vietnam, while 2023 was a challenging year, we've begun to see green shoots of recovery in 2024. On March 24, sales listings hit a 12-month high on our Batdongsan platform, and our market demand index was up 15% from the first quarter of 2023. In addition, the government of Vietnam is working hard to support the property market with additional catalysts.

在越南，雖然 2023 年是充滿挑戰的一年，但我們已開始在 2024 年看到復甦的萌芽。3月24日，我們Batdongsan平台的銷售清單創下12個月新高，我們的市場需求指數較2023年第一季成長15%。此外，越南政府正在努力透過額外的催化劑來支持房地產市場。

One important way of addressing this is by trying to bring forward the effective date for three newly amended real estate laws from 2025 to July 1, 2024. These laws would provide for more consistent and realistic land appraisals, tighten developer requirements across a project's lifecycle, relaxed rules on foreign ownership, and better organize the agent community.

解決這個問題的一個重要方法是嘗試將三部新修訂的房地產法的生效日期從2025年提前到2024年7月1日。這些法律將提供更一致和現實的土地評估，在專案的整個生命週期中收緊開發商的要求，放寬對外國所有權的規則，並更好地組織代理商社區。

As the leading marketplace in Vietnam, we believe these new laws provide a great opportunity to further improve the structure of the country's property market, especially the component that will require all agents to be affiliated with an agency. According to our recent survey, 65% of consumers view these new laws as positive actions, which should clearly help sentiment.

作為越南的領先市場，我們相信這些新法律為進一步改善該國房地產市場的結構提供了絕佳的機會，特別是要求所有代理商隸屬於一個機構的部分。根據我們最近的調查，65% 的消費者認為這些新法律是積極行動，這顯然會提振情緒。

With respect to credit, bank lending rates have decreased in Vietnam since the Prime Minister called for banks to publish average bank lending rates in March. We remain bullish on Vietnam's long-term prospects, which are supported by its population demographics, growing digitization, and high growth potential. Infrastructure investments are facilitating greater urbanization and contributing to positive trends in the housing sector, reinforcing our confidence in the market.

在信貸方面，自總理三月呼籲銀行公佈平均銀行貸款利率以來，越南的銀行貸款利率有所下降。我們仍然看好越南的長期前景，這得益於其人口結構、不斷發展的數位化和高成長潛力。基礎設施投資正在促進更大的城市化進程，並為住房行業的積極趨勢做出貢獻，增強了我們對市場的信心。

Let me now provide an update on the recent product progress within the group. PropertyGuru kicked off 2024 with the introduction of new solutions for our customers, coupled with a sustained uptake of previously launched offerings. Central to our DNA, we continue to craft pioneering technology aimed at helping customers make confident property decisions.

現在讓我介紹一下該集團最近的產品進度。PropertyGuru 為我們的客戶推出了新的解決方案，並持續採用先前推出的產品，拉開了 2024 年的序幕。作為我們 DNA 的核心，我們不斷開發開創性技術，旨在幫助客戶做出自信的房產決策。

Our strategic integration of machine learning and generative AI into product development and business operations continues to accelerate our innovation. A prime example of this is our AI video feature, which was rolled out in Singapore. This feature facilitates the auto creation of a video based on listing images and text descriptions uploaded by our agent partners, helping to deliver a better consumer experience, while also being more time efficient for agents. 60% of agents who engaged with the AI video feature chose to incorporate it into their listing gallery.

我們將機器學習和生成式人工智慧策略整合到產品開發和業務營運中，持續加速我們的創新。一個典型的例子是我們在新加坡推出的人工智慧視訊功能。此功能有助於根據我們的代理商合作夥伴上傳的列表圖像和文字描述自動創建視頻，有助於提供更好的消費者體驗，同時也為代理商提高了時間效率。 60% 使用人工智慧視訊功能的代理商選擇將其合併到他們的清單庫中。

In Vietnam, as part of our effort to assist the industry improving property market transparency, this quarter, we rolled out professional agent verification. This solution uses several different forms of information to help the company independently verify agent authenticity, enabling further trust and transparency on our marketplace. The response has been very encouraging, with more than 500 agents verified in the first week alone.

在越南，作為我們協助業界提高房地產市場透明度的努力的一部分，本季我們推出了專業代理商驗證。該解決方案使用多種不同形式的資訊來幫助公司獨立驗證代理商的真實性，從而進一步提高我們市場的信任度和透明度。反應非常令人鼓舞，光是第一週就有超過 500 名代理商得到驗證。

Lead management, which we launched last year, supports agents with powerful lead-related insights that help them close deals faster. This garnered increasing approval among agents as evidenced by a recent survey that shows a 25% increase in satisfaction levels for agents who use the solution.

我們去年推出的潛在客戶管理功能為代理商提供強大的潛在客戶相關洞察力，幫助他們更快完成交易。最近的一項調查表明，這贏得了越來越多的客服人員的認可，該調查顯示使用該解決方案的客服人員的滿意度提高了 25%。

Moving on to our data and software solutions business. DataSense, our proprietary data and analytics tool, brings valuable insights to our customers, helping them confidently make critical, strategic investment decisions. February saw the introduction of DataSense self-serve for Malaysian agents, facilitating their seamless access to our DataSense modules. They can now leverage our comprehensive data resources to research, negotiate, and advise using timely and relevant insights.

繼續我們的數據和軟體解決方案業務。DataSense 是我們專有的數據和分析工具，為我們的客戶帶來寶貴的見解，幫助他們自信地做出關鍵的策略投資決策。二月份，為馬來西亞代理商推出了 DataSense 自助服務，方便他們無縫存取我們的 DataSense 模組。他們現在可以利用我們全面的數據資源進行研究、談判，並利用及時的相關見解提供建議。

In March, we rolled out Demand Analytics Pro in Thailand and now provide coverage in all four markets. Demand Analytics Pro utilizes proprietary data to analyze supply and demand dynamics at all market levels, from as large as countrywide to as small as township or project level. For our developer and government customers, the comprehensive nature of this solution is exactly what they are looking for, as they make critical investment decisions.

三月份，我們在泰國推出了 Demand Analytics Pro，現在涵蓋了所有四個市場。Demand Analytics Pro 利用專有資料來分析所有市場層級的供需動態，大至全國範圍，小至鄉鎮或專案層級。對我們的開發商和政府客戶來說，解決方案的全面性正是他們在做出關鍵投資決策時所尋求的。

In fintech, we've made good progress with our digital application for in-principle approval and home loans which we announced last year. Over half of our applications are now being completed through the guided digital application journey.

在金融科技領域，我們去年宣布的原則批准和房屋貸款數位化申請取得了良好進展。我們一半以上的申請現在是透過引導式數位申請之旅完成的。

A select number of our bank partners benefit from an advanced experience that includes features like digital signing, and as a result, the digital application adoption rate is up to 72% of overall submissions. These digital experiences are especially appreciated by consumers, with over 80% of users having consumer satisfaction ratings of either four or five stars in ongoing surveys.

我們精選的一些銀行合作夥伴受益於先進的體驗，包括數位簽章等功能，因此，數位應用程式的採用率高達整體提交的 72%。這些數位體驗尤其受到消費者的讚賞，在正在進行的調查中，超過 80% 的用戶的消費者滿意度為四星或五星。

Looking ahead, we remain committed to harnessing innovative technology, expanding generative AI applications, and strategically investing in initiatives tailored to navigate the dynamic Southeast Asia property landscape, both in the present and the future. As a final update, I'm proud to share that we have recently released our first sustainability report, supported by the recently launched Gurus For Good, our sustainability mandate.

展望未來，我們仍致力於利用創新技術，擴大生成式人工智慧應用，並策略性地投資於為應對當前和未來充滿活力的東南亞房地產格局而量身定制的舉措。最後的更新，我很自豪地告訴大家，我們最近發布了第一份永續發展報告，並得到了最近推出的「Gurus For Good」（我們的永續發展使命）的支持。

I will now hand the call over to Joe to walk you through our financials.

現在我將把電話轉給喬，讓他向您介紹我們的財務狀況。

Thanks, Jeremy. PropertyGuru started off 2024 with another solid quarter of double-digit revenue growth and double-digit adjusted EBITDA margin. Revenue was up 12% to $37 million in the first quarter as we navigated a phased recovery in Vietnam and Malaysia. What is remarkable is that we delivered this increase in revenue, while costs within adjusted EBITDA remain flat year over year, which led to a 12% increase in our adjusted EBITDA margin, up from less than 1% in the first quarter of 2023.

謝謝，傑里米。PropertyGuru 在 2024 年伊始又實現了兩位數的營收成長和兩位數的調整後 EBITDA 利潤率。隨著我們在越南和馬來西亞的逐步復甦，第一季的營收成長了 12%，達到 3,700 萬美元。值得注意的是，我們實現了營收的成長，而調整後 EBITDA 內的成本較去年同期持平，這導致我們調整後 EBITDA 利潤率成長了 12%，高於 2023 年第一季的不到 1%。

The ongoing strength in Singapore was especially helpful, as was the success of our active cost management, with PropertyGuru continuing to improve profitability, and this quarter delivering margin expansion in all of our marketplaces, regardless of top-line performance. We continue to set ourselves up to benefit from our technology investments and prudent cost management as our property markets rebound and Southeast Asia returns to its position as a world leader in economic transformation and growth.

新加坡的持續強勢尤其有幫助，我們積極的成本管理取得了成功，PropertyGuru 繼續提高盈利能力，本季度我們所有市場的利潤率均實現增長，無論營收表現如何。隨著我們的房地產市場反彈以及東南亞恢復其作為經濟轉型和成長的世界領導者的地位，我們將繼續從我們的技術投資和審慎的成本管理中受益。

Now for more details on our marketplace businesses. In Singapore, revenue was $24 million in the first quarter, up 25% from the prior-year quarter, and our adjusted EBITDA increased to $19 million for 79% margin. Once again, increased adoption of our market-leading products and active cost management helped us deliver another quarter of strong results.

現在就了解有關我們市場業務的更多詳細資訊。在新加坡，第一季營收為 2,400 萬美元，比去年同期成長 25%，調整後的 EBITDA 增至 1,900 萬美元，利潤率為 79%。市場領先產品的廣泛採用和積極的成本管理再次幫助我們實現了另一個季度的強勁業績。

Our Singapore agent base grew again this quarter. We now have over 16,400 agents. Our renewal rate was 77% for the first quarter, and the quarterly average revenue per agent or ARPA was up 22%.

我們的新加坡代理基地本季再次成長。我們現在擁有超過 16,400 名代理商。第一季我們的續訂率為 77%，每位代理商或 ARPA 的季度平均營收成長了 22%。

In Malaysia, revenue was $7 million and adjusted EBITDA was $4 million, both flat with the first quarter of 2023 for an adjusted EBITDA margin of 52%. On a local currency basis, revenue was up 5% in the quarter. We believe lower interest rates and easing in inflation concerns will help improve conditions as we move through 2024. In the meantime, though, we will continue to focus on product development and optimizing our customer value proposition.

在馬來西亞，營收為 700 萬美元，調整後 EBITDA 為 400 萬美元，兩者與 2023 年第一季持平，調整後 EBITDA 利潤率為 52%。以當地貨幣計算，本季營收成長了 5%。我們相信，隨著 2024 年的到來，較低的利率和通膨擔憂的緩解將有助於改善狀況。但同時，我們將繼續專注於產品開發和優化我們的客戶價值主張。

In Vietnam, revenue was $3 million in the quarter, flat for the first quarter of 2023, and adjusted EBITDA was breakeven. Of note, on a local currency basis, revenue was up 3%. I would also add that following four quarters of double-digit decreases in revenue, our top line has begun to improve. The average revenue per listing in Vietnam was up 13% in the quarter, but this growth was offset by a 13% drop in listings to a million.

在越南，該季度營收為 300 萬美元，與 2023 年第一季持平，調整後 EBITDA 達到盈虧平衡。值得注意的是，以當地貨幣計算，收入增加了 3%。我還想補充一點，在營收連續四個季度出現兩位數下降之後，我們的營收已經開始改善。本季度，越南每次掛牌的平均收入增加了 13%，但掛牌數量下降 13%（至 100 萬件），抵消了這一增長。

As Jeremy noted, despite the overall drop in listings in the quarter, we are encouraged by the 12-month high point that was reached in late March. We believe the government's actions to improve consumer sentiment and facilitate a recovery in the property market should help as we move through the year.

正如 Jeremy 指出的那樣，儘管本季掛牌量總體下降，但 3 月底達到的 12 個月高點令我們感到鼓舞。我們相信，政府為改善消費者信心和促進房地產市場復甦而採取的行動應該會對我們今年的發展有所幫助。

More importantly, it appears as if consumer sentiment is turning positive again. Turning to the balance sheet, we ended the quarter with $300 million in cash.

更重要的是，消費者信心似乎再次轉好。轉向資產負債表，本季結束時我們有 3 億美元的現金。

In summary, our results this quarter were a solid start to 2024. Following double-digit revenue growth and double-digit adjusted EBITDA margin in 2023, we continued this trajectory in the first quarter, which is traditionally a quiet seasonal quarter given multiple national holidays.

總而言之，我們本季的業績為 2024 年奠定了良好的開端。繼2023 年實現兩位數的營收成長和兩位數的調整後EBITDA 利潤率之後，我們在第一季度繼續保持這一軌跡，考慮到多個國家假期，傳統上這是一個安靜的季節性季度。

Profitable growth is more than a phrase for us. It represents the intersection of active cost management, target investment, transformational technology, and hard work, and it's how we are future-proofing our core business every day.

對我們來說，獲利成長不僅僅是一個詞。它代表了主動成本管理、目標投資、轉型技術和努力工作的結合，也是我們每天確保核心業務面向未來的方式。

With respect to our published outlook, full-year 2024 revenue remains between $165 million and $180 million, and adjusted EBITDA remains between $22 million and $26 million. We are excited about our opportunities for the rest of the year as we continue to deliver profitable growth, while the markets we operate in bounce back and Southeast Asia gathers further momentum.

根據我們發布的展望，2024 年全年營收維持在 1.65 億美元至 1.8 億美元之間，調整後 EBITDA 維持在 2,200 萬美元至 2,600 萬美元之間。我們對今年剩餘時間的機會感到興奮，因為我們將繼續實現獲利成長，同時我們所在市場的反彈和東南亞將進一步增強動力。

I would like to thank all our gurus for their hard work and our customers for their continued support. I will now turn the call over for questions. Operator, we're ready for our first question.

我要感謝所有專家的辛勤工作以及客戶的持續支持。我現在將轉接電話詢問問題。接線員，我們準備好回答第一個問題了。

(Operator Instructions) Nick Jones.

（操作員說明）尼克瓊斯。

Nick Jones, Citizens JMP. My first question, can you talk about just your relative share gains or the share dynamic of the PropertyGuru business in your key markets versus what's happening in the underlying markets? Top line growth has been decent. Vietnam seems to be turning the corner.

尼克瓊斯，公民 JMP。我的第一個問題，您能否談談您的相對份額收益或 PropertyGuru 業務在您的關鍵市場中的份額動態以及基礎市場的情況？收入成長勢頭良好。越南似乎正在迎來轉機。

When we think about Singapore and Malaysia, maybe just the broader business, are there clearer share gains in the marketplace business or just broadly -- or can you maybe add just a little context as to PropertyGuru's performance versus underlying market dynamics?

當我們考慮新加坡和馬來西亞時，也許只是更廣泛的業務，市場業務或只是更廣泛的份額是否有更明顯的增長——或者您能否添加一些有關 PropertyGuru 的業績與潛在市場動態的背景信息？

Look, we feel really confident where we are positioned in all of our markets, Singapore, Malaysia, Vietnam and Thailand. I think obviously, we spoke a little bit during the call. The Q1 was a little bit of a quieter quarter here, in Singapore in particular. I think we've seen the ebbs and flows in the market before, and two things typically happen during these sort of periods.

看，我們對我們在新加坡、馬來西亞、越南和泰國等所有市場的定位非常有信心。我認為顯然，我們在通話中說了一點。第一季這裡的季度比較安靜，尤其是在新加坡。我認為我們之前已經見過市場的潮起潮落，在這些時期通常會發生兩件事。

First of all is that agents definitely bias their spend to channels where they get the greatest ROI. And in all of our markets, we have very strong position, so we're definitely a beneficiary in that respect.

首先，代理商肯定會偏向投資報酬率最高的管道。在我們所有的市場中，我們都擁有非常強大的地位，因此我們絕對是這方面的受益者。

Secondly, we also see that in a market like Singapore, at the moment, agents are having to work harder to get leads for their listings, right? So given the depth of products that we offer to our agent customers through greater reach and greater leads, we see more and more agents using our depth of products.

其次，我們也看到，在新加坡這樣的市場，目前代理商必須更努力地為他們的房源獲取線索，對嗎？因此，考慮到我們透過更大的覆蓋範圍和更大的銷售線索向代理商客戶提供的產品深度，我們看到越來越多的代理商使用我們的產品深度。

So I think given the strong market positions we have across all four of our markets, really sort of happy with the quarter and confident in the value that we're delivering. And we think we're sort of well poised, specifically in markets like Malaysia and Vietnam, as they begin to recover into the year.

因此，我認為鑑於我們在所有四個市場中擁有的強大市場地位，我們對本季感到非常滿意，並對我們所提供的價值充滿信心。我們認為我們已經做好了準備，特別是在馬來西亞和越南等市場，因為它們今年開始復甦。

And maybe just a finer point. I think in the press release, it says one in three Malaysians is going to buy a property in the next two years. Piggybacking off my last question, how should we be thinking about that kind of flow through into PropertyGuru's model? I mean, can you capture the vast majority of that? Will that just help drive incremental share gains, specifically in the Malaysian market?

也許只是一個更好的觀點。我認為在新聞稿中，三分之一的馬來西亞人將在未來兩年內購買房產。接續我的最後一個問題，我們該如何考慮這個進入 PropertyGuru 模型的流程？我的意思是，你能捕捉到其中的絕大多數嗎？這是否有助於推動份額成長，特別是在馬來西亞市場？

Yeah, so we enjoy a very strong position in our Malaysia market and you're right. I mean, it's great to see the underlying consumer demand is strong, with one in three Malaysians intending to buy property in the next two years.

是的，所以我們在馬來西亞市場享有非常強大的地位，你是對的。我的意思是，很高興看到潛在的消費者需求強勁，三分之一的馬來西亞人打算在未來兩年內購買房產。

There are some encouraging signs in the Malaysia market. Q1 GDP was at 4%, which was encouraging. The inventory overhang reduced at the end of 2023. And then also, it's good to see the political situation stable after a couple of years of uncertainty. So again, I think we are very well positioned given the share that we have in the Malaysia market. And given some of these green shoots of recovery that we're starting to see gives us confidence about the year ahead.

馬來西亞市場出現了一些令人鼓舞的跡象。第一季 GDP 成長 4%，令人鼓舞。庫存積壓在 2023 年底減少。此外，在經歷了幾年的不確定性之後，看到政治局勢穩定也是一件好事。因此，我認為考慮到我們在馬來西亞市場的份額，我們處於非常有利的位置。鑑於我們開始看到的一些復甦的萌芽，讓我們對未來的一年充滿信心。

Great. And last question, just on -- I think it was 60% of agents using AI video features after the first trial. How is AI showing up in the business? Is this kind of value add that's increasing revenue or ARPA, and how impactful is AI in kind of your product roadmap going forward?

偉大的。最後一個問題，我認為在第一次試驗後，60% 的代理商使用了人工智慧視訊功能。AI在商業上的表現如何？這種增加收入的附加價值是增加收入還是 ARPA？

Yeah, so AI is -- look, AI is a big part of our product roadmap going forward. Obviously, we referenced the AI video feature that we launched in Singapore, and this is really focused in two ways.

是的，人工智慧是——看，人工智慧是我們未來產品路線圖的重要組成部分。顯然，我們參考了我們在新加坡推出的人工智慧視訊功能，這實際上集中在兩個方面。

The first is a better experience for our consumers, our property seekers, right? They clearly want more of an immersive content experience and AI helps leverage that, so that's one element, right? GuruPicks, which we spoke about last quarter, is another element where it really does increase the consumer immersive content and increased consumer engagement. So that's on the first side.

首先是為我們的消費者、我們的房產尋求者提供更好的體驗，對嗎？他們顯然想要更多身臨其境的內容體驗，而人工智慧可以幫助利用這一點，所以這是一個要素，對嗎？我們上季談到的 GuruPicks 是另一個確實增加消費者沉浸式內容並提高消費者參與度的元素。這是第一面。

On the second side, it's really a lot of efficiency gains for our agent customers as well, right? So now instead of having to take a video of a listing, we can help them stitch together a video based on those listing images. So on the one hand, obviously, it's a great experience for our consumers and our property seekers. On the other hand, it drives real time and efficiency gains for our agent customers.

另一方面，對於我們的代理客戶來說，這確實也提高了許多效率，對吧？因此，現在我們可以幫助他們根據這些清單影像將影片拼接在一起，而不必拍攝清單影片。因此，一方面，這顯然對我們的消費者和購屋者來說是一次很棒的體驗。另一方面，它為我們的代理客戶帶來了即時和效率提升。

So I think that's where we're focused at the moment. Over time, we'll sort of see how we incorporate this into various subscription packages to potentially drive ARPA. But at the moment, we're really focused on driving a better consumer experience and more efficiency for our agent customers.

所以我認為這就是我們目前的焦點。隨著時間的推移，我們將看到如何將其整合到各種訂閱包中以潛在地推動 ARPA。但目前，我們真正專注於為我們的代理客戶提供更好的消費者體驗和更高的效率。

Great. Thanks, Jeremy. Thanks, Joe.

偉大的。謝謝，傑里米。謝謝，喬。

Fawne Jiang, Benchmark.

江芳，基準。

Just want to pull up on your commentary around the turnaround of your Vietnam and Malaysia. I think we see some early signs of market recovery. Just want to get the better sense of the pace and magnitude on the recovery side. Your last cycle, especially now, we actually saw a V-shaped recovery. Just wondering how should we think about recovery, I guess, pace for this one. Any puts and takes that may or may not be differentiating from the last cycle?

只是想談談您對越南和馬來西亞局勢好轉的評論。我認為我們看到了市場復甦的一些早期跡象。只是想更了解恢復方面的速度和幅度。你的上一個週期，尤其是現在，我們實際上看到了V型復甦。我只是想知道我們應該如何考慮恢復的速度。任何看跌期權和看跌期權可能與上一個週期有差異，也可能沒有差異？

Look, it is really encouraging to see some of the green shoots that we are seeing in Vietnam. So the government is taking a very proactive approach to help sort of bolster the real estate sector. Obviously, there was recently announced land laws which the government is looking to accelerate from 2025 to earlier this year, so that is really encouraging.

看，看到我們在越南看到的一些萌芽確實令人鼓舞。因此，政府正在採取非常積極主動的方法來幫助提振房地產行業。顯然，最近宣布了土地法，政府希望從 2025 年加速到今年早些時候，所以這確實令人鼓舞。

We think one of those land laws, in particular, around agent professionalization is going to be -- ties in very well with one of our themes around bringing more trust and transparency to the market. So when you think about the professional agent verification that we launched in Q1, that's really closely tied with what the government is trying to do around organizing the industry. And we think as the market leader, we are very well positioned to capture those benefits as the market does improve.

我們認為，其中一項土地法，特別是圍繞代理人專業化的土地法，將與我們圍繞為市場帶來更多信任和透明度的主題之一密切相關。因此，當您考慮我們在第一季推出的專業代理驗證時，您會發現這與政府圍繞組織行業所做的努力密切相關。我們認為，身為市場領導者，我們處於非常有利的位置，可以隨著市場的改善而獲得這些好處。

I think underlying consumer demand is strong. It was up significantly in Q1 2024 over 2023, so I think that is encouraging. So in terms of whether it's going to be sort of a V-shape recovery or sort of take longer, I think it's a little bit early to tell there. I think where we take a lot of confidence is obviously some of the external things that are happening in the market, and we're also using this time internally to become more efficient.

我認為潛在的消費者需求很強。2024 年第一季比 2023 年顯著上升，所以我認為這是令人鼓舞的。因此，就是否會出現 V 型復甦或需要更長的時間而言，我認為現在下結論還為時過早。我認為我們信心十足的地方顯然是市場上發生的一些外部事情，我們也在內部利用這段時間來提高效率。

So in Q1, we also launched a business transformation initiative internally, which is really sort of going to redesign our commercial organization and our go-to-market strategy. So that's going to really make us more efficient and drive growth when the market recovers.

因此，在第一季度，我們還在內部啟動了一項業務轉型計劃，這實際上是要重新設計我們的商業組織和進入市場策略。因此，當市場復甦時，這將真正提高我們的效率並推動成長。

I think finally, I just -- we've got a great team in Vietnam as well, who is executing very well. So I think these things that are happening externally and internally give us a lot of confidence that when the market does recover, we're going to be in a very, very strong position.

我想最後，我們在越南也有一支出色的團隊，他們的執行力非常好。因此，我認為外部和內部發生的這些事情給了我們很大的信心，當市場確實復甦時，我們將處於非常非常有利的地位。

Understood. Thanks, Jeremy. Second question, I want to switch gear on your fintech business. It seems like a like a slow start of the year. Just wonder what's the driver behind it, and how should we think about the rest of the year on the fintech outlook?

明白了。謝謝，傑里米。第二個問題，我想改變你們的金融科技業務。今年的開局似乎很緩慢。只是想知道背後的驅動因素是什麼，以及我們應該如何看待今年剩餘時間的金融科技前景？

Sure. Yeah, I mean, in our results, we sort of put together in one line by fintech and data business and also Sendhelper. So they are kind of merged in there. I think there's a couple of factors. We did -- our FastKey business was closed down at the end of last year. So that's in the results last year, not in this year, so that's partially reflected.

當然。是的，我的意思是，在我們的結果中，我們將金融科技和數據業務以及 Sendhelper 放在一起。所以他們有點融合在那裡。我認為有幾個因素。我們做到了——我們的 FastKey 業務在去年年底關閉了。這是去年的結果，而不是今年的結果，所以這得到了部分反映。

I think also, it's proved a little challenging on the fintech mortgages side. The transaction volumes have been down a little bit in Singapore of late, and that's put a little bit of pressure on us. But I think more generally, we have a strong sense of belief and conviction in what we're doing.

我還認為，事實證明，在金融科技抵押貸款方面，這有點具有挑戰性。最近新加坡的交易量略有下降，這給我們帶來了一些壓力。但我認為更廣泛地說，我們對我們正在做的事情有強烈的信念和信念。

We believe Sendhelper is a cracking business going forward and it's got a fantastic niche in Singapore. And that data was a huge opportunity. I think there's peers that make $150 million of revenue in Australia alone in a market with great data. So I can imagine the future, what we should be able to do in a market where there's limited data, and we have a lot of that on a proprietary basis.

我們相信 Sendhelper 是一家正在蓬勃發展的企業，並且在新加坡擁有絕佳的市場份額。這些數據是一個巨大的機會。我認為，在擁有大量數據的市場上，光是澳洲就有同業賺取了 1.5 億美元的收入。所以我可以想像未來，我們應該能夠在數據有限的市場上做什麼，而且我們有很多專有的數據。

So we're very excited about it, but we are market making rather than market taking. And I think in all honesty, it's taking us a little longer to gain market traction. But we continue to invest, and we expect this year to see continued improvement as we deliver what we hope will be a sizable business in the future.

所以我們對此感到非常興奮，但我們是做市而不是搶佔市場。老實說，我認為我們需要更長的時間才能獲得市場關注。但我們會繼續投資，預計今年將持續改善，因為我們希望未來能實現規模可觀的業務。

Understood. My last question is actually on your cost expenses. I mean, you confirm your full-year EBITDA margin, but you had a really solid start. Saw your Singapore EBITDA margin actually hit a record high. So I just wonder, how should we think about puts and takes on your, again, margin trends for the rest of the year? In addition, what might surprise us on upside versus downside in terms of profitability for the year?

明白了。我的最後一個問題實際上是關於你的成本支出。我的意思是，你確認了全年 EBITDA 利潤率，但你有一個非常堅實的開始。看到你們的新加坡 EBITDA 利潤率實際上創下了歷史新高。所以我只是想知道，我們應該如何考慮今年剩餘時間的看跌期權和看跌期權的利潤趨勢？此外，就今年的獲利能力而言，哪些方面可能會讓我們感到驚訝？

Look, I think we stand by our predictions for this year as we sort of reiterated. And obviously, there was a range there. I think we're very positive at the start of the year and very positive for the results for Q1, I think, both on the revenue and the cost side.

看，我認為我們堅持今年的預測，正如我們所重申的那樣。顯然，那裡有一個範圍。我認為我們在年初非常樂觀，對第一季的業績也非常樂觀，無論是在收入還是成本方面。

On the cost side, we are a very disciplined organization. We certainly are very careful where we invest, and we do -- we are constantly gaining more efficiencies and better leverage. However, on the cost side, this is seasonally, I guess, sort of a lower cost period generally due to all the sort of national holidays, marketing spends tends to sort of drop, and I think we've sort of -- that's partially reflected in our results.

在成本方面，我們是一個非常有紀律的組織。我們在投資方面當然非常謹慎，而且我們確實如此——我們不斷獲得更高的效率和更好的槓桿作用。然而，在成本方面，我想，這是季節性的，通常是由於各種國家假期而導致的成本較低的時期，營銷支出往往會有所下降，我認為我們已經--這部分是反映在在我們的結果中。

But look, we are focused on cost management and focused on delivering improvements in operating leverage, but we are also a growth business, and you will see some greater investment during the year. As the markets move out of the holiday season, we intend to keep growing the business, and part of that we'll be investing in things like marketing and people, et cetera, in order to maximize that yield.

但看，我們專注於成本管理，並致力於提高營運槓桿，但我們也是一家成長型企業，今年你會看到一些更大的投資。隨著市場結束假期季節，我們打算繼續發展業務，其中一部分我們將投資於行銷和人員等方面，以最大限度地提高收益。

(Operator Instructions) Nelson Cheung, Citi.

（操作員指示）Nelson Cheung，花旗銀行。

Congrats on the solid quarter. So my first question is regarding ARPA growth in Singapore, as we see a very strong double-digit growth for ARPA growth in Singapore in the first quarter. And just wonder, what is the major driver driving the ARPA growth? Is it because of the upselling opportunity, technology, or product transition, et cetera? And do we expect similar trend going to be -- last in the rest of the quarters in 2024? And do we have a target on the ARPA group in Singapore this year? Thank you.

恭喜季度業績穩定。我的第一個問題是關於新加坡 ARPA 的成長，因為我們看到第一季新加坡 ARPA 的成長非常強勁，達到了兩位數的成長。只是想知道，推動 ARPA 成長的主要驅動力是什麼？是因為追加銷售機會、技術還是產品轉型等等？我們是否預期類似的趨勢將在 2024 年剩餘的季度中持續出現？今年我們對新加坡 ARPA 小組有目標嗎？謝謝。

So maybe I'll take the first couple of pieces of that question. Look, the ARPA growth, it's a combination of a number of factors. It's the price revision we put through in the business in Q4 last year. It's greater penetration of some of our depth products, as well dynamic pricing which we use to drive yield, so it's a combination of sort of factors.

所以也許我會回答這個問題的前幾個部分。看，ARPA 的成長是多種因素綜合作用的結果。這是我們去年第四季在業務中進行的價格調整。這是我們一些深度產品的更大滲透，以及我們用來提高收益率的動態定價，所以這是多種因素的結合。

In terms of where we see the business, I think we've got a very exciting roadmap of more value that we wanted to deliver to our agent customers over the next nine months. So I think that's something that's very exciting. We really do focus on delivering more and more value to our customers. So I think we feel confident where the Singapore business is today and obviously about its future.

就我們對業務的看法而言，我認為我們已經制定了一個非常令人興奮的路線圖，我們希望在未來九個月內向我們的代理客戶提供更多價值。所以我認為這是非常令人興奮的事情。我們確實專注於為客戶提供越來越多的價值。因此，我認為我們對新加坡業務的現狀以及未來充滿信心。

I would point out that we are still -- relative to the value that we deliver, we are still a small piece of the overall commission pool. So I think when we think about growing the business, we think about the exciting product roadmap that we have ahead. We feel confident the business is in a good spot, and we can continue to drive that ARPA growth.

我想指出的是，相對於我們提供的價值，我們仍然只是整個佣金池的一小部分。因此，我認為，當我們考慮發展業務時，我們會考慮未來令人興奮的產品路線圖。我們對業務處於良好狀態充滿信心，我們可以繼續推動 ARPA 的成長。

Yeah, and just to add to this, we don't obviously give specific guidance on those kind of numbers. But I think if you look back at the trend in history, we're generally delivering a 20%-plus average revenue per agent growth over the last periods. And I think the fundamentals are there for a similar sort of growth profile heading out into the future. So I think that's very encouraging. And I think it's just a combination of a real sweet spot in the market for us, great products, and also I'll say great execution by the team as well as produce that strong result.

是的，補充一點，我們顯然沒有對這些數字提供具體指導。但我認為，如果你回顧歷史趨勢，你會發現在過去的時期內，我們的每位代理商平均收入總體上增長了 20% 以上。我認為未來類似的成長狀況具有基本面。所以我覺得這非常令人鼓舞。我認為這對我們來說是市場上真正的最佳點、出色的產品、團隊的出色執行力以及產生的強勁結果的結合。

Okay, and then my second question is just I wanted to follow-up on the Vietnam market. And you just mentioned that the listing in Vietnam has hit a high -- higher point in March. I just want to see what does management observe in the next few months, like April and May. Do we see the trend continue in the second quarter? And yeah.

好的，我的第二個問題是我想跟進越南市場。您剛才提到，越南的上市在三月已經達到了一個高點。我只是想看看管理階層在接下來的幾個月（例如四月和五月）會觀察到什麼。我們認為第二季這種趨勢會持續嗎？是的。

Well, I think like we said on the call, look, we feel very confident where our Vietnam business is at the moment. The government's obviously taking a lot of measures to stimulate demand in the market, which is encouraging. I think if you look at the interest rates, they are at multi-year lows. Clearly, consumer demand has come back strongly post the Lunar New Year holiday period.

嗯，我想就像我們在電話中所說的那樣，我們對越南業務目前的狀況非常有信心。政府顯然採取了許多措施來刺激市場需求，這是令人鼓舞的。我認為如果你看看利率，你會發現它們處於多年來的低點。顯然，農曆新年假期後消費者需求強勁回升。

So look, the market is positioned well. We're also taking this time to also focus internally. I mentioned the sort of the business transformation that we announced in Q1. So that's going to really strengthen our go-to-market, allow us to serve our customers better, to have a much more streamlined go-to-market, so that when the market does improve, we're going to be very well positioned to take advantage of the growth opportunities that a market like Vietnam really does. So again, we feel as though the business is in a good position. We're seeing some positive signals and we're really encouraged about the year ahead.

所以看，市場定位好。我們也利用這段時間關注內部。我提到了我們在第一季宣布的業務轉型。因此，這將真正加強我們的市場進入，使我們能夠更好地為客戶服務，更加簡化的進入市場，這樣當市場確實改善時，我們將處於非常有利的位置利用像越南這樣的市場真正存在的成長機會。因此，我們再次感覺到該業務處於有利地位。我們看到了一些積極的信號，我們對未來的一年感到非常鼓舞。

And then my last question is regarding the corporate cost. Since we have seen some sequential increase in the corporate cost, I'm wondering what would be the change within our corporate cost structure and what would be the trend going forward in order to achieve our adjusted EBITDA margin target.

我的最後一個問題是關於企業成本。由於我們看到企業成本連續增加，我想知道我們的企業成本結構會發生什麼變化，以及為了實現調整後的 EBITDA 利潤率目標，未來的趨勢是什麼。

Yeah, look, I think we're very well positioned from Q1 to achieve the EBITDA numbers that we've got on our forecast. I think corporate costs are very much under control. There is a sequential increase quarter on quarter, and there's a number of sort of more, I suppose, specific factors for that. But I think the trend really is the corporate cost as a percentage of revenue just keeps dropping. You noticed that year on year. So I think that's a real positive, and that's a reflection really of the leverage we're making.

是的，我認為從第一季開始我們就處於非常有利的位置，可以實現我們預測的 EBITDA 數字。我認為企業成本得到了很好的控制。季度環比連續成長，我認為還有更多具體因素。但我認為趨勢其實是企業成本佔收入的比例不斷下降。你年復一年地註意到了。所以我認為這是一個真正的積極因素，這確實反映了我們正在發揮的槓桿作用。

We've unashamedly invested in good technology, great people, in order to make the company a success and set us up for continued high levels of revenue growth in the years to come, but we're definitely getting really good leverage out of that. And I would expect to see that corporate cost as a percentage of revenue continue to drop this year and into subsequent years as we gain that leverage and deliver more EBITDA.

我們毫不掩飾地投資於優秀的技術和優秀的人才，以使公司取得成功，並為我們在未來幾年持續高水準的收入成長做好準備，但我們肯定從中獲得了非常好的槓桿作用。我預計，隨著我們獲得槓桿作用並實現更多 EBITDA，今年和隨後幾年企業成本佔收入的百分比將繼續下降。

(Operator Instructions) Okay. Seeing no more questions, that's going to conclude the Q&A session. I'll turn the conference back over to Jeremy for closing remarks.

（操作員指示）好的。沒有更多問題了，問答環節就到此結束。我將把會議轉回給傑里米做閉幕詞。

Thank you. We believe 2024 is a year of tremendous potential and opportunity. This will be a year where our solutions, insights, and expertise play a bigger role in empowering our customers as we power communities to live, work, and thrive in tomorrow's cities.

謝謝。我們相信2024年是充滿巨大潛力和機會的一年。今年，我們的解決方案、見解和專業知識將在為客戶提供支援方面發揮更大的作用，幫助社區在未來的城市中生活、工作和繁榮。

We look forward to sharing our continued progress with you next quarter. Thank you all very much for joining us today. Goodbye.

我們期待下個季度與您分享我們的持續進展。非常感謝大家今天加入我們。再見。

All right, this concludes the conference call. Thank you for attending the presentation. You may now disconnect.

好了，電話會議到此結束。感謝您參加演示會。您現在可以斷開連線。