External broker reports(aggregated public sources), Vietcap

Vietcap

External broker reports(aggregated public sources)

We specialize in consulting both individual and institutional clients, providing them with effective financial solutions that are tailored to their specific needs.

Equity Bottom-Up

<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

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

<ul>
<li>In H1 2024, KDH surpassed our previous expectations for its undisclosed land plot sales and gross margin.</li>
<li>NLG's earnings and DXG/DXS's brokerage segment performance aligned with our expectations for H1 2024.</li>
<li>DXG/DXS’s project development year to date has fallen short of 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.


In H1 2024, KDH surpassed our previous expectations for its undisclosed land plot sales and gross margin.
NLG's earnings and DXG/DXS's brokerage segment performance aligned with our expectations for H1 2024.
DXG/DXS’s project development year to date has fallen short of 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.

Residential Developers (KDH, NLG, DXG, and DXS) - Presales Improvement to Continue in H2 2024

External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

Leading full-service brokerage firm in Vietnam. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>2022 was a challenging year for the real estate industry, as both demand and supply recoveries were weaker than we anticipated.</li><li>Contrary to expectations that the market will return to strong growth after the pandemic, the real estate industry is currently facing multiple new challenges, including the following:</li><li>Tightened bank credit: Although the State Bank increased its credit room, it was mostly reserved for the manufacturing sector.</li></ul><div class="content-highlight">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.</div>

2022 was a challenging year for the real estate industry, as both demand and supply recoveries were weaker than we anticipated.Contrary to expectations that the market will return to strong growth after the pandemic, the real estate industry is currently facing multiple new challenges, including the following:Tightened bank credit: Although the State Bank increased its credit room, it was mostly reserved for the manufacturing sector.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.

Industry Report - Real estate - Negative - Waiting for a solution

Vietnam

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Dat Xanh Group (DXG VN)

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

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

Residential Developers (KDH, NLG, DXG, and DXS) - Presales Improvement to Continue in H2 2024

In H1 2024, KDH surpassed our previous expectations for its undisclosed land plot sales and gross margin. NLG's earnings and DXG/DXS's brokerage...

Vietcap

Industry Report - Real estate - Negative - Waiting for a solution

2022 was a challenging year for the real estate industry, as both demand and supply recoveries were weaker than we anticipated.

Mirae Asset Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)