- 2024-07-30T00:00:00
- Company Research
- DXG announced its Q2 2024 results with revenue of VND1.1tn (USD44mn; +58% YoY and +6% QoQ) and NPAT-MI of VND33bn (USD1.3mn; -79% YoY and +5% QoQ). The YoY earnings decline is mainly due to the lack of a large one-time financial gain as seen in Q2 2023. The earnings results are similar to the preliminary results announced at the DXG-DXS earnings call on July 23 (see our note for details).
- The property development segment’s revenue surged 118% YoY to VND1.6tn (USD48mn) in H1 2024, which was mainly driven by handovers at the Opal Skyline (Binh Duong; over 90% of total units were handed over as of end-Q2 2024). Additionally, in H1 2024, there were minimal presales and handovers at the Gem Sky World project (GSW; 92 ha in Dong Nai; ~60% was presold and ~40% was handed over).
- For more detailed information about DXG’s property brokerage segment, please refer to our July 30 DXS Earnings Flash.
- DXG’s H1 2024 NPAT-MI was VND64bn (USD2.5mn; +5% YoY) and fulfills 28% of our full-year forecast. Pending a fuller review, we foresee potential downside risk to DXG’s 2024F NPAT-MI forecast (VND230bn/USD9.0mn; +34% YoY) as the presales and handovers progress at GSW and H1 2024 profits trailed our expectations.
DXG’s H1 2024 results
VND bn | Q2 2023 | Q2 2024 | YoY | H1 2023 | H1 2024 | YoY | 2024F | H1 as % of 2024F |
Net revenue | 714 | 1,126 | 58% | 1,092 | 2,191 | 101% | 5,582 | 39% |
- Property development | 454 | 754 | 66% | 721 | 1,575 | 118% | 4,146 | 38% |
- Brokerage | 214 | 287 | 34% | 259 | 476 | 84% | 1,101 | 43% |
- Others | 46 | 85 | 86% | 112 | 140 | 25% | 334 | 42% |
Gross profit | 290 | 539 | 86% | 456 | 1,011 | 122% | 2,307 | 44% |
SG&A expenses | -208 | -286 | 37% | -379 | -504 | 33% | -955 | 53% |
EBIT | 82 | 253 | 3.1x | 77 | 507 | 6.6x | 738 | 69% |
Financial income | 342 | 4 | -99% | 361 | 13 | -96% | 48 | 27% |
Financial expense | -160 | -107 | -33% | -310 | -232 | -25% | -525 | 44% |
Net income from affiliates | -4 | -16 | N.M. | -6 | -17 | N.M. | 0 | N.M. |
Net other income | -11 | 30 | N.M. | 31 | 26 | -18% | 0 | N.M. |
NPAT | 157 | 94 | -40% | 40 | 171 | 4.3x | 383 | 45% |
NPAT-MI | 156 | 33 | -79% | 61 | 64 | 5% | 230 | 28% |
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Gross margin | 40.6% | 47.8% |
| 41.8% | 46.2% |
| 41.3% |
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EBIT margin | 11.5% | 22.4% |
| 7.1% | 23.2% |
| 13.2% |
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NPAT-MI margin | 21.9% | 2.9% |
| 5.6% | 2.9% |
| 4.1% |
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Source: DXG, Vietcap forecast (last updated May 17, 2024)
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