Analyst Pin-board: DXG – Brokerage segment to drive business
We recently had a meeting with the management of the company and the following are the key takeaways:
· DXG posted 9M’s revenue and net profit of VND 3,798 billion (+17% YoY) and VND 907 billion (+21% YoY), respectively. During the period, net profit was driven by the divestment of a residential project in Nha Trang city (VND 220 billion) and the growth of DXG’s brokerage and secondary investment businesses. · For 2019, DXG set a profit guidance of VND 1,200 billion (+2% YoY). As updated by management, the company will exceeded this profit target by 8%, reaching VND 1,300 billion (+10% YoY).
- Real estate development plan: DXG plans to launch 8 residential projects to the market in 2020, of which Gem Riverside and Long Thanh township are notable ones.
DXS, its brokerage and secondary investment businesses, plans to IPO in 2H 2020. After the IPO, DXG will hold a 70% stake in it
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