- DXS announced Q2 2023 results with revenue of VND662bn (USD28mn; -49% YoY & double QoQ) and a net loss of VND19bn (USD0.8mn) vs Q2 2022 profit of VND175bn (USD7.4mn) and Q1 2023’s net loss of VND39bn (USD1.7mn). The top-line YoY decline was mainly due to a 73% YoY drop in brokerage revenue, while the bottom-line was mainly dragged down by a low EBIT margin and higher financial expenses.

- In H1 2023, DXS’s revenue declined 54% YoY to VND991bn (USD42mn) while its NPAT-MI was negative VND58bn (USD2.4mn) vs profit of VND298bn (USD12.6mn) in H1 2022. These results are broadly in line with our expectations, and we expect DXS’s property brokerage revenue to pick up in H2 2023 thanks to easing mortgage rates; therefore, we foresee insignificant change to our full-year forecasts.