We initiate coverage on DXS with a BUY rating and target price of VND44,300/share, which is 38.4% higher than the April 2021 IPO price of VND32,000/share. The company has received approval from the Ho Chi Minh Stock Exchange (HSX) to list its shares but is still waiting for the HSX to approve the first listing date. We expect 2021/2022F NPAT-MI will recover vs 2020 headwinds from the negative impact of COVID-19. We expect DXS to maintain its high margins in both the full-service and tradition