DXG posted Q1 2021 NPAT-MI of VND531bn (USD23mn; +687% vs Q1 2020’s low base of VND68bn/USD3mn) mainly driven by handovers of pre-sold units at Gem Sky World (GSW). This Q1 2021 earnings result is the same as the prelim figure disclosed at the company’s April 16 analyst meeting and is in line with our expectation. We anticipate no significant change to our 2021F NPAT-MI forecast of VND1.3tn (USD55mn; vs 2020’s low base of a VND496bn/USD22mn net loss) as stated in our last Update Report