External broker reports(aggregated public sources), Vietcap

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External broker reports(aggregated public sources)

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

Dat Xanh Group

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