- 2024-10-31T00:00:00
- Company Research
- DXS released its Q3 2024 results with revenue of VND582bn (USD23mn; -17% QoQ and +14% YoY) and NPAT-MI of VND35bn (USD1.4mn; -8% QoQ and +10.2x YoY). The QoQ decline in earnings was mainly due to 56% lower QoQ property sales revenue, which was partly offset by a 25% QoQ increase in brokerage revenue.
- In 9M 2024, the brokerage segment’s revenue doubled YoY to VND843bn (USD80mn; accounting for 46% of net revenue) as property transactions are recovering. Additionally, the property sales segment’s revenue declined 22% YoY in 9M 2024 to VND786bn (USD31mn; accounting for 43% of net revenue), which we attribute to lower backlog as its presales were relatively minimal in 2023-24. DXS’s NPAT-MI increased to VND104bn (USD4.2mn) in 9M 2024, vs a loss of VND54bn/USD2.2mn in 9M 2023.
- 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 DXS Update Report).
DXS’s 9M 2024 results
VND bn | Q3 | Q3 | YoY | 9M | 9M | YoY | 2024F | 9M as % |
Net revenue | 510 | 582 | 14% | 1,501 | 1,818 | 21% | 2,593 | 70% |
- Brokerage | 154 | 363 | 2.4x | 421 | 843 | 2.0x | 1,296 | 65% |
- Property sales | 312 | 150 | -52% | 1,009 | 786 | -22% | 1,026 | 77% |
- Others | 43 | 68 | 57% | 71 | 189 | 2.7x | 272 | 70% |
Gross profit | 224 | 268 | 19% | 507 | 787 | 55% | 1,143 | 69% |
SG&A expenses | -148 | -167 | 13% | -414 | -462 | 12% | -700 | 66% |
EBIT | 76 | 101 | 32% | 93 | 325 | 3.5x | 443 | 74% |
Financial income | 5 | 7 | 33% | 25 | 16 | -38% | 24 | 66% |
Financial expense | -33 | -22 | -34% | -106 | -76 | -29% | -110 | 69% |
Net income from affiliates | -8 | -6 | N.M. | -16 | -22 | N.M. | -21 | N.M. |
Net other income | 3 | -7 | N.M. | 4 | -3 | N.M. | 7 | N.M. |
PBT | 45 | 74 | 66% | -1 | 240 | N.M. | 342 | 70% |
NPAT | 25 | 53 | 2.1x | -36 | 183 | N.M. | 274 | 67% |
Minority interest | 22 | 18 | -18% | 19 | 79 | 4.2x | 127 | 62% |
NPAT-MI | 3 | 35 | 10.2x | -54 | 104 | N.M. | 147 | 71% |
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GPM | 44.0% | 46.0% |
| 33.8% | 43.3% |
| 44.1% |
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SG&A exp./sales | 29.0% | 28.7% |
| 27.6% | 25.4% |
| 27.0% |
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EBIT margin | 15.0% | 17.3% |
| 6.2% | 17.9% |
| 17.1% |
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NPAT margin | 5.0% | 9.1% |
| N.M. | 10.1% |
| 10.6% |
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MI as % of NPAT | 86.5% | 33.9% |
| N.M. | 43.0% |
| 46.5% |
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NPAT-MI margin | 0.7% | 6.0% |
| N.M. | 5.7% |
| 5.7% |
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Source: DXS, Vietcap forecast (last updated October 29, 2024)
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