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DXG (Target price VND 23,300, +18.0%) - Short-term challenges remaining - Update report

We believe that the real estate sector will be challenging in 2024. The real estate segment is less favourable in 2023-2024 but promising from 2025 onwards. The real estate brokerage segment in 2024 will recover from a low base. TVS forecasts that DXG's net profit will be VND 265 billion (-50% YoY) and VND 692 billion (+162% YoY) in 2023 and 2024, respectively. We recommend HOLD for DXG shares with a target price of VND 23,300 for 2024 based on the RNAV valuation method.

2023.11.17_Earnings Update Q3.2023

The market's total net profit after taxes (NPAT) decreased by 4.3% YoY in Q3/2023, marking the fourth consecutive quarter of decline. Chemicals, Retail, and Ultilities sectors saw the most significant decreases in NPAT. Conversely, Oil & Gas, Financial Services, and Basic Resources sectors showed the most significant improvements in business results. Large market capitalization sectors, such as Bank and Real Estate, posed a negative growth of -1.4% YoY and -30.2% YoY, respectively. Regarding stock exchanges, listed companies on HOSE experienced a 9.3% YoY NPAT decrease in Q3/2023. Likewise, the total NPAT of companies listed on HNX decreased by 4.9% YoY. In contrast, companies on Upcom showed a strong improvement in business results, with a 19.0% YoY NPAT growth.

2023.02.27 TVS Market Snapshot

The VN-Index lost -18.3 points (-1.8%), closing at 1,021. Foreign investors net sold VND -659.0bn HOSE, with VNM (VND 34.8bn), POW (VND 21.2bn), and PVD (VND 11.3bn) the most bought, while VHM (-VND 76.1bn), SSI (-VND 75.2bn), and STB (-VND 71.7bn) the most sold

2023.01.09_TVS Market Snapshot