Analyst Pin-board DXG – The possibility of Gem Riverside relaunching and landbanks expansion are main catalysts
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· 2021 results posted strong recovery from the loss in 2020 thanks to the handover of more than 1,000 products at GSW and 1,500 products at Opal Boulevard. · In 2022, management targets to reach revenue/NPAT-MI of VND 12,000 – 13,000 Bn/VND 1,400 Bn (+19% YoY) supported by the handover of St Moritz, GSW (shophouse), Opal Skyline and the recovery in the brokerage segment with NPAT-MI of about VND1,300 bn (+49% YoY). · We give a positive view for DXG based on the following key points: (1) New changes in the legality of the Gem Riverside project and the selling price is expected to double as much as in 2018 from 30-40 million/m2 to over 70-80 million/m2 if the sale takes place as expected this year. DXG expects to soon get a construction permit at this project. However, the location of the Gem Riverside project is quite special (next to the 160ha Thu Thiem resettlement area, which is in a state of dispute), there is still a potential risk of the time to issue a construction permit for the project. Therefore, investors pursuing the story of DXG need to closely follow the developments of the above event; (2) Adding new land banks in the medium term; (3) The recovery of the brokerage segment when the base 2021 is low and the risk of social distancing is not high. |
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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