DXG posted Q3 2020 results with modest NPAT-MI of VND100bn (USD4.4mn; -71% YoY). As such, DXG reported a 9M 2020 net loss of VND388bn (USD16.9mn) vs 9M 2019 NPAT-MI of VND907bn (USD39.4mn). If excluding the financial loss of VND526bn (USD23mn) from the LDG divestment in July, DXG’s 9M 2020 NPAT-MI would reach VND138bn (USD6.0mn; -85% YoY), mainly driven by the contribution of brokerage services. We attribute the YoY lower property handovers in 9M 2020 to the timing of recognition of DXG’s key pr