- 2024-10-31T00:00:00
- Company Research
- DXG announced its Q3 2024 results with revenue of VND1.0tn (USD41mn; -17% YoY and -10% QoQ) and NPAT-MI of VND31bn (USD1.2mn; -55% YoY and -7% QoQ). We mainly attribute the YoY and QoQ declines in Q3 2024 to lower property development revenue, partially offset by an increase in brokerage revenue. DXG’s 9M revenue and NPAT-MI were VND3.2tn (USD128mn; +39% YoY) and VND95bn (USD.38mn; -27% YoY), respectively.
- DXG’s presales were minimal in 9M 2024 as the Gem Sky World project (total of ~3,900 low-rise/land-plot units; ~60% presold and ~40% delivered at end-Q3 2024; in Dong Nai Province) has yet to relaunch because DXG is focusing on finalizing handovers and signings SPAs with existing customers while the Gem Riverside project (Thu Duc; HCMC) is expected to relaunch in 2025F.
- The earnings results are similar to the preliminary results announced at the DXG-DXS earnings call on October 22 (see our Analyst Meeting Note). For more detailed information on our forecasts, please refer to our our October 29 DXG Update Report).
DXG’s 9M 2024 results
VND bn | Q3 | Q3 | YoY | 9M | 9M | YoY | 2024F | 9M as % |
Net revenue | 1,214 | 1,013 | -17% | 2,306 | 3,204 | 39% | 4,161 | 77% |
- Property development | 1,012 | 597 | -41% | 1,733 | 2,172 | 25% | 2,756 | 79% |
- Brokerage | 137 | 353 | 2.6x | 396 | 829 | 2.1x | 1,101 | 75% |
- Others | 65 | 63 | -3% | 176 | 203 | 15% | 304 | 67% |
Gross profit | 594 | 505 | -15% | 1,050 | 1,516 | 44% | 1,882 | 81% |
SG&A expenses | -264 | -271 | 3% | -643 | -775 | 20% | -1,012 | 77% |
EBIT | 330 | 234 | -29% | 407 | 741 | 82% | 870 | 85% |
Financial income | 8 | 13 | 72% | 368 | 26 | -93% | 32 | 81% |
Financial expense | -152 | -105 | -31% | -462 | -337 | -27% | -425 | 79% |
Net income from affiliates | -5 | -6 | N.M. | -11 | -22 | N.M. | -30 | N.M. |
Net other income | 2 | -12 | N.M. | 34 | 14 | -59% | 40 | 35% |
NPAT | 110 | 73 | -33% | 150 | 244 | 63% | 317 | 77% |
NPAT-MI | 68 | 31 | -55% | 129 | 95 | -27% | 127 | 75% |
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Gross margin | 48.9% | 49.9% |
| 45.5% | 47.3% |
| 45.2% |
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EBIT margin | 27.2% | 23.1% |
| 17.6% | 23.1% |
| 20.9% |
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NPAT-MI margin | 5.6% | 3.0% |
| 5.6% | 3.0% |
| 3.0% |
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Source: DXG, Vietcap forecast (last updated October 29, 2024)
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