- We maintain our MARKET PERFORM rating for DXG while raising our target price by 2.6% to VND19,400/share mainly due to a lower net debt balance at end-2023.

- We forecast 2024F NPAT-MI of VND343bn (USD14mn; +94% YoY), mainly driven by our expectations for (1) resumed launches and handovers at Gem Sky World from 2024F (GSW; ~3,900 low-rise units; ~60% presold and ~40% delivered at end-2023), (2) handovers of the remaining units at Opal Skyline (~1,500 high-rise units in total; 100% presold and ~50% delivered at end-2023), and (3) recovery in the property brokerage segment. 

- We revise down our 2024/25F NPAT-MI forecasts by 8%/3%, respectively, mainly due to a lower projected GPM for DXS’s property sales segment.

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