External broker reports(aggregated public sources), Vietcap

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External broker reports(aggregated public sources)

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Equity Bottom-Up

Dat Xanh Real Estate Services / Equity Bottom-Up

Dat Xanh Real Estate Services Joint Stock Company provides real estate services. The Company offers real estate brokerage, distribution, and posting services, as well as market research, asset management, legal advisory, and financial solutions. Dat Xanh Real Estate Services serves customers in Vietnam.

<ul><li>We maintain our OUTPERFORM rating for DXS but lower our target price (TP) by 7% to VND6,600/share.</li><li>Our lower TP is mainly due to a 15% decrease in our aggregate 2024-2028F NPAT-MI forecast, which is partially offset by raising our target P/E to 12.3x from 11.6x and rolling forward our TP horizon to end-2025 from mid-2025.</li><li>We reduce our NPAT-MI forecasts for 2024-28F by 16%, 19%, 19%, 15%, and 11%, respectively, mainly due to anticipated lower profit margins compared to previous projections amid increased competition.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We maintain our OUTPERFORM rating for DXS but lower our target price (TP) by 7% to VND6,600/share.Our lower TP is mainly due to a 15% decrease in our aggregate 2024-2028F NPAT-MI forecast, which is partially offset by raising our target P/E to 12.3x from 11.6x and rolling forward our TP horizon to end-2025 from mid-2025.We reduce our NPAT-MI forecasts for 2024-28F by 16%, 19%, 19%, 15%, and 11%, respectively, mainly due to anticipated lower profit margins compared to previous projections amid increased competition.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

DXS [OUTPERFORM +14.4%] - Recovery in Brokerage Transactions to Continue in 2025F

Dat Xanh Group Joint Stock Company operates as a real estate development company. The Company develops and constructs trade centers, office buildings, apartments, resorts, villa, and hotels, as well as property management, brokerage, and leasing services. Dat Xanh Group serves customers in Vietnam.

<ul><li>We raise our target price (TP) by 12% to VND19,000/share and upgrade our rating for DXG to OUTPERFORM from MARKET PERFORM.</li><li>Our higher TP reflects (1) a 39% increase in our valuation for Gem Riverside (GR; in HCMC) due to a higher net ASP assumption and more available units, following its recently approved construction permit and the recent terminations of 2018-2019 purchase agreements, and (2) rolling our TP horizon forward to end-2025 from mid-2025, partly offset by a lower valuation for the brokerage segment (details in our <a href="https://iq.vietcap.com.vn/report-detail/en/dxs-outperform-14-4-recovery-in-brokerage-transactions-to-continue-in-2025f-update" target="_blank" rel="noopener">DXS Update Report</a>, dated October 29, 2024).</li><li>We cut our respective 2024/25/26F NPAT-MI forecasts by 37%/27%/17%, largely due to lower projected handovers at Gem Sky World (GSW) as 9M 2024 presales trailed our projections, as well as lower projected profit from the brokerage segment vs our previous expectations.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We raise our target price (TP) by 12% to VND19,000/share and upgrade our rating for DXG to OUTPERFORM from MARKET PERFORM.Our higher TP reflects (1) a 39% increase in our valuation for Gem Riverside (GR; in HCMC) due to a higher net ASP assumption and more available units, following its recently approved construction permit and the recent terminations of 2018-2019 purchase agreements, and (2) rolling our TP horizon forward to end-2025 from mid-2025, partly offset by a lower valuation for the brokerage segment (details in our DXS Update Report, dated October 29, 2024).We cut our respective 2024/25/26F NPAT-MI forecasts by 37%/27%/17%, largely due to lower projected handovers at Gem Sky World (GSW) as 9M 2024 presales trailed our projections, as well as lower projected profit from the brokerage segment vs our previous expectations.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

DXG [OUTPERFORM +16.2%] - GSW and GR Relaunches to Drive Presales Recovery in 2025/26F

Phu Nhuan Jewelry JSC manufactures jewelry.  The Company retails through its own shops and also sells to wholesalers.

<ul><li>We cut our target price (TP) for PNJ by 2% to VND113,500/share but reiterate our BUY rating.</li><li>Our lower TP is driven by our 6% lower aggregate 2024-2029F NPAT-MI forecast (respective cuts of 6%/13%/10%/8%/1%/2% for 2024/25/26/27/28/29F), which is partly offset by the positive impact of rolling our TP horizon forward to end-2025.</li><li>Our lower aggregate earnings projection is caused by lowering our 2024-2029F retail GPM assumptions as we expect a gradual resumption of activities in the gold market to alleviate challenges in sourcing raw gold materials.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We cut our target price (TP) for PNJ by 2% to VND113,500/share but reiterate our BUY rating.Our lower TP is driven by our 6% lower aggregate 2024-2029F NPAT-MI forecast (respective cuts of 6%/13%/10%/8%/1%/2% for 2024/25/26/27/28/29F), which is partly offset by the positive impact of rolling our TP horizon forward to end-2025.Our lower aggregate earnings projection is caused by lowering our 2024-2029F retail GPM assumptions as we expect a gradual resumption of activities in the gold market to alleviate challenges in sourcing raw gold materials.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

PNJ [BUY +20.1%] - Strong Retail Sales, Higher Retail GPM to Drive Growth - Update

Thematic (Sector/Industry)

<ul><li>New project preparations and launches have ramped up in 2024 YTD: The housing market in Vietnam bottomed out in 2023 and has since shown a gradual recovery in primary transactions, beginning in Q3 2023 and continuing throughout 2024 YTD, with the condo segment in Hanoi leading the recovery.</li><li>The rise in preparation activities for new project launches, along with ongoing improvement in homebuyer confidence in 2024 YTD, reaffirms our expectation for growth in primary property transactions in 2024F vs 2023.</li><li>We project market transactions to strengthen in Q4 2024 and 2025, led by our expectations for: (1) sustained demand for real living purposes, particularly targeting mid-end condo projects; (2) a return of investment buyers to select landed property products; (3) growth in new primary supply driven by more project launches and smoother legal procedures; and (4) improving homebuyer confidence, driven by the continuous recovery of the overall property market, a stable mortgage rate outlook, and the acceleration of key infrastructure development.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

New project preparations and launches have ramped up in 2024 YTD: The housing market in Vietnam bottomed out in 2023 and has since shown a gradual recovery in primary transactions, beginning in Q3 2023 and continuing throughout 2024 YTD, with the condo segment in Hanoi leading the recovery.The rise in preparation activities for new project launches, along with ongoing improvement in homebuyer confidence in 2024 YTD, reaffirms our expectation for growth in primary property transactions in 2024F vs 2023.We project market transactions to strengthen in Q4 2024 and 2025, led by our expectations for: (1) sustained demand for real living purposes, particularly targeting mid-end condo projects; (2) a return of investment buyers to select landed property products; (3) growth in new primary supply driven by more project launches and smoother legal procedures; and (4) improving homebuyer confidence, driven by the continuous recovery of the overall property market, a stable mortgage rate outlook, and the acceleration of key infrastructure development.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Vietnam Residential Real Estate Sector Flash - Market Transactions to Strengthen in Q4 2024 and 2025

Macroeconomics

<ul><li>On October 24, the State Bank of Vietnam (SBV) announced its ready-to-sell USD (spot) to commercial banks at 25,450.</li><li>We believe the SBV’s latest move aims to ease sentiment in the FX market given rising pressure on the USD/VND exchange rate in recent weeks.</li><li>Rising DXY and domestic demand place pressure on FX US inflation cooled down in recent months and a 50-bps policy rate cut announced by the Fed in its September meeting helped to support the VND to appreciate 1.5% against the USD in August and 1.2% in September.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

On October 24, the State Bank of Vietnam (SBV) announced its ready-to-sell USD (spot) to commercial banks at 25,450.We believe the SBV’s latest move aims to ease sentiment in the FX market given rising pressure on the USD/VND exchange rate in recent weeks.Rising DXY and domestic demand place pressure on FX US inflation cooled down in recent months and a 50-bps policy rate cut announced by the Fed in its September meeting helped to support the VND to appreciate 1.5% against the USD in August and 1.2% in September.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Vietnam Macro Note - SBV announces readiness to sell USD

Vietcap
External broker reports(aggregated public sources)

DXS [OUTPERFORM +14.4%] - Recovery in Brokerage Transactions to Continue in 2025F

Our lower TP is mainly due to a 15% decrease in our aggregate 2024-2028F NPAT-MI forecast, which is partially offset by raising our target P/E to...

Vietcap

DXG [OUTPERFORM +16.2%] - GSW and GR Relaunches to Drive Presales Recovery in 2025/26F

We raise our target price (TP) by 12% to VND19,000/share and upgrade our rating for DXG to OUTPERFORM from MARKET PERFORM.

Vietcap

PNJ [BUY +20.1%] - Strong Retail Sales, Higher Retail GPM to Drive Growth - Update

We cut our target price (TP) for PNJ by 2% to VND113,500/share but reiterate our BUY rating. Our lower TP is driven by our 6% lower aggregate 2024...

Vietcap

Vietnam Residential Real Estate Sector Flash - Market Transactions to Strengthen in Q4 2024 and 2025

The housing market in Vietnam bottomed out in 2023 and has since shown a gradual recovery in primary transactions, beginning in Q3 2023 and...

Vietcap

Vietnam Macro Note - SBV announces readiness to sell USD

We believe the SBV’s latest move aims to ease sentiment in the FX market given rising pressure on the USD/VND exchange rate in recent weeks.

Vietcap