- 2024-04-27T00:00:00
- Company Research
- DXG announced its Q1 2024 results with revenue of VND1.1tn (USD43mn; +182% YoY and -24% QoQ) and NPAT-MI of VND31bn (USD1.3mn; vs a net loss of VND95bn/USD3.8mn in Q1 2023 and -33% QoQ). The Q1 2024 results were mainly driven by scheduled handovers at the Opal Skyline project (~1,500 condo units in total; 100% presold & ~90% handed over at end-Q1 2024; Binh Duong) and a higher profit contribution from DXS. As Q1 2024 NPAT-MI fulfilled only 9% of our full-year forecast, we anticipate potential downside risks to our 2024F forecasts, pending a more extensive review.
- DXG’s property development segment recorded Q1 2024 revenue of VND821bn (USSD33mn; +207% YoY) with the main contributor being handovers at Opal Skyline as DXG handed over ~40% of total units at this project in Q1 2024.
- For more detailed information about DXG’s property brokerage segment, please refer to our April 26 DXS Earnings Flash.
- During the Q1 2024 earnings calls, DXG stated that it could receive a sales permit for the remaining units at Gem Sky World (~1,700 units remaining out of a total of ~3,900 units) in Q3 2024, while the sales launch will also depend on the potential interest from homebuyers. Meanwhile, for Gem Riverside, DXG stated that it paid the additional land use rights fee for the revised 1/500 masterplan.
DXG’s Q1 2024 results
VND bn | Q1 2023 | Q1 2024 | YoY | 2024F | Q1 2024 as % of 2024F |
Net revenue | 378 | 1,065 | 182% | 5,595 | 19% |
Property development | 268 | 821 | 207% | 4,159 | 20% |
Brokerage | 83 | 189 | 129% | 1,101 | 17% |
Others | 28 | 54 | 95% | 334 | 16% |
Gross profit | 166 | 472 | 184% | 2,406 | 20% |
SG&A expenses | -171 | -218 | 27% | -1,213 | 18% |
EBIT | -5 | 255 | N.M. | 1,193 | 21% |
Financial income | 18 | 8 | -54% | 44 | 19% |
Financial expense | -151 | -125 | -17% | -525 | 24% |
Net income from affiliates | -1 | -1 | N.M. | 0 | N.M. |
Net other income | 42 | -4 | N.M. | 0 | N.M. |
PBT | -96 | 133 | N.M. | 712 | 19% |
NPAT | -117 | 78 | N.M. | 463 | 17% |
Minority interest | -22 | 46 | N.M. | 120 | 39% |
NPAT-MI | -95 | 31 | N.M. | 343 | 9% |
| |||||
GPM | 44.0% | 44.4% | 43.0% | ||
OPM | -1.3% | 23.9% | 21.3% | ||
NPM | -25.1% | 2.9% | 6.1% |
Source: DXG, Vietcap forecast (last updated March 13, 2024)
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