Analyst Pin-board DXG – Business operations affected by market
- In 2Q2022, DXG’s revenue and NPATMI posted a significant fall compared with the same period in 2021 with VND 1,550 bn (-56.5% YoY) and VND 133 bn (-55.4% YoY), respectively. In which, DXG's two main segments which are real estate and brokerage services being significantly affected by the market's difficulties.
- In 2H2022, we estimate the revenue and NPATMI to be VND 3,877 bn (+16% HoH or +8% YoY) and VND 476 bn (+18% HoH or +45% YoY). In 2022, we forecast the revenue and NPATMI to be VND 7.219 bn (-28% YoY) and VND 879 bn (-24% YoY), respectively, completing 66% and 75% of 2022 plan. EPS is estimated at VND 1.447/share.
- Rong Viet recommends the investors should be FOLLOW the DXG at the moment when the Gem Riverside project, which has a significant impact on valuation, being still in the process of waiting for a construction permit in many years and not much clear progress information yet. In addition, a rising interest rate and strictly control on lending to real estate segment by banks will continue to take place in the coming time, which will affect the development progress and liquidity of projects across the country. We believe that this issue directly affects the efficiency of DXG's brokerage segment, which is owning the leading market share. Besides the ability to absorb the main project Gem Sky World in the period of 2022-2023.
Dat Xanh Group Joint Stock Co, formerly Dat Xanh Real Estate Service and Construction Corporation, is a Vietnam-based company active in the real estate industry. The Company is involved in the development, leasing and trading of warehouses, apartment, office and commercial buildings. It also operates a real estate trading floor, as well as provides brokerage services, advisory services and other related services in the real estate industry. Other activities include construction and the provision of house repair services, interior decorating services and land clearing services. Several of the Company's projects are named Sunview Apartment 1&2, Gold Hill, Phu Gia Hung Apartment, Sunview Town, Arisen, Marina, Bella, Majestic, Binh Duong and Long Tho.
Viet Dragon Securities belongs to top 20 biggest securities companies in terms of chartered capital in Vietnam. With a qualified, dedicated and professional team, a widespread network, advanced technology, diversified products and services, and good relationship with local and foreign institutions, we provide a wide range of services and products to our clients both individuals and institutions, both local and foreign. We commit to provide our clients with promising investment opportunities and a comprehensive and professional financial investment services.
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