Shares of iProperty Group Ltd (ASX: IPP) have surged 8.2% today to a high of $2.76 after the company provided the market with a trading update for May 2015. iProperty Group, which is 19.9% owned by REA Group Limited (ASX: REA), is Asia's top ranked online property group with market leading positions in Malaysia, Hong Kong and Indonesia.
In its update to the market today, iProperty Group confirmed that it has extended its 'clear leadership' position across Malaysia, Indonesia, Thailand and Hong Kong, while it has achieved accelerating revenue growth of 40% in the first quarter.
Online revenue from property developers has grown by 107%, while revenue from real estate agents has grown by 43%. The company also said that the population in iProperty's markets is already 15 times the size of Australia's population (and growing), while the number of properties sold in these markets is already larger than Australia.
Indeed, iProperty Group's revenue is expected to continue climbing strongly in the coming years, while it is also expecting to become earnings and cash flow positive this year. Despite today's surge, now could be a great time to start building a position in this promising stock. Here's another great ASX stock to buy today
