DXG reported Q4 2022 results with net revenue decreasing 57% YoY to VND984bn (USD42mn) due to weak revenue for both the brokerage services and development segments. We attribute the weak performance of the brokerage services segment due to a lower number of property transactions amid headwinds currently facing the real estate sector. Meanwhile, a lower-than-expected number of project handovers in Q4 2022 affected the development segment. In addition, DXG recorded high SG&A expenses of VND698bn (USD30mn) — equivalent to 71% of Q4 2022 revenue — mainly due to high provision expenses of VND277bn (USD12mn) in the quarter. As a result, DXG incurred an EBIT loss of VND264bn (USD11mn) and net loss of VND408bn (USD17mn) in Q4 2022 vs NPAT-MI of VND275bn (USD12mn) in Q4 2021.