- We maintain our MARKET PERFORM rating for DXG but raise our target price by 32% to VND20,100/share. Our higher target price is mainly because of (1) our higher valuation for the brokerage segment (see details in our DXS Update Report, dated August 18, 2023), (2) our higher valuation for the Gem Riverside project as we expect its presales to be completed in 2026F vs previously 2027F, and (3) removing our 20% valuation discount. 

- We forecast 2023F NPAT-MI at VND397bn (USD17mn; +85% YoY), which is led by expected handovers at Gem Sky World (GSW) and Opal Skyline in H2 2023. We increase our 2023F NPAT-MI by 51% as we factor in the financial income from a land plot sale of around 1 ha at the Gem Premium project in H1 2023. 

- We increase our 2024F and 2025F NPAT-MI forecasts by 27% and 26% to VND444bn (USD19mn; +12% YoY) and VND592bn (USD25mn; +33% YoY), respectively, as a result of our lower SG&A assumptions for DXS.

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