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External broker reports(aggregated public sources)

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