DXG - Aggressive Movement after Accumulation Period
Established as a brokerage firm, Dat Xanh Group (HSX:DXG) leveraged its business into real estate development, based on its knowledge and customer database in residential industry. Accumulated at low cost, its huge land bank could be gradually transformed into products, bringing cash flow and value to the company in the coming period.
We believe that 2018 could be the success year when DXG will launch its first premium product locating in District 2, HCMC. Moreover, its brokerage and secondary investment services continues to achieve doube-digit growth of profit in coming years, making its dominant position in the industry.
In 2018, we estimated DXG’s total revenue and NPAT at approximately VND 4,497 billion (+56% YoY) and VND 1,047 billion (+38% YoY), respectively. Forecasted EPS for 2018 is VND 3,412. Using the RNAV method, the fair value of DXG is around VND 40,800, 26.3% higher than current price (updated as of February 27, 2018). Therefore, we recommend BUY to DXG.
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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