External broker reports(aggregated public sources), Rong Viet Securities

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External broker reports(aggregated public sources)

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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.

Equity Bottom-Up

<p>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.<br>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. <br>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.</p>

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.

DXG - Aggressive Movement After Accumulation Period