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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

<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

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

Vietnam

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.

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Dat Xanh Real Estate Services (DXS VN)

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

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

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