We maintain our OUTPERFORM rating for DXG while raising our target price by 11% to VND28,000/share mainly due to an increase in our assumed ASP for Gem Sky World (GSW) and higher valuation for the brokerage services segment. Q1 2021 pre-sales performance and earnings results were mostly in line with our expectation. We maintain our 2021F NPAT-MI forecast at VND1.3tn (USD55mn; vs a low base in 2020) as our upward revision in revenue and earnings of the brokerage services segment is offset by DX