- We maintain our MARKET PERFORM rating for DXG but trim our target price by 1% to VND20,000/share. Our lower target price is primarily driven by a lower valuation for the brokerage segment (see details in our DXS Update Report, dated October 16, 2023), and a slower presales forecast for Gem Riverside, which are partially offset by rolling forward our target price horizon to end-2024.

- We forecast 2023F NPAT-MI at VND174bn (USD7.3mn; -19% YoY), which will be led by ongoing handovers at Opal Skyline (~1,500 units in total; 100% presold) in Q4 2023F. We decrease our 2023F NPAT-MI forecast by 56% as we expect that delivery at Opal Skyline will continue until 2024F (vs expected full delivery in H2 2023F previously) as well as our lower forecast in the brokerage segment.

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