We attended DXG’s analyst meeting on July 27. At the meeting, management shared DXG’s H1 2022 preliminary profit and presales results as well as its medium-term project development pipeline.

H1 2022 preliminary NPAT-MI declined 52% vs H1 2021’s high base. Management announced Q2 2022 preliminary NPAT-MI of VND130bn (USD6mn; -56% YoY), which was mainly driven by deliveries at Gem Sky World (GSW) and St. Moritz. For H1 2022, DXG’s preliminary revenue of VND3.5tn (USD152mn; -46% YoY) and NPAT-MI of VND401bn (USD17mn; -52% YoY) achieved 38% and 32% of our full-year forecasts, respectively. 

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