- 2024-07-30T00:00:00
- Company Research
- DXS released its Q2 2024 results with revenue of VND702bn (USD28mn; +32% QoQ and +6% YoY) and NPAT-MI of VND38bn (USD1.5mn; +22% QoQ vs Q2 2023’s net loss of VND19bn/USD0.7mn). DXS’s earnings results continue to improve QoQ as a result of the property market recovering, and are broadly in line with our expectations. The earnings results are similar to the preliminary results announced at the DXG-DXS earnings call on July 23 (see our note for details).
- H1 2024’s revenue increased 25% YoY to VND1.2tn (USD48mn) while NPAT-MI improved to VND69bn (USD2.7mn; vs a net loss of VND58bn/USD2.3mn in H1 2023). We anticipate no significant changes to our 2024F forecasts as we expect further improvement in property transactions in H2 2024F, pending a fuller review.
- Brokerage revenue increased 80% YoY to VND480bn (USD19mn) in H1 2024, completing 37% of our full-year forecast and is broadly in line with our expectation. In H1 2024, DXS recorded around 7,000 transactions (accounting for around 33% of market share) with the contributions from traditional and full-service brokerage services being around 70% and 30%, respectively. In addition, the segment’s GPM increased 14-ppts YoY to 64% in H1 2024.
- The property sales segment’s revenue in H1 2024 was VND636bn (USD25mn; -9% YoY), representing 53% of our full-year forecast. DXS expects that it could ramp up sales of its self-developed projects by Q4 2024 when market conditions improve.
DXS’s H1 2024 results
VND bn | Q2 2023 | Q2 2024 | YoY | H1 2023 | H1 2024 | YoY | 2024F | H1 as % of 2024F |
Net revenue | 662 | 702 | 6% | 991 | 1,237 | 25% | 2,629 | 47% |
- Brokerage | 192 | 290 | 51% | 266 | 480 | 80% | 1,296 | 37% |
- Property sales | 433 | 344 | -21% | 697 | 636 | -9% | 1,207 | 53% |
- Others | 37 | 69 | 85% | 28 | 121 | 4.3x | 126 | 96% |
Gross profit | 151 | 291 | 93% | 283 | 520 | 84% | 1,265 | 41% |
SG&A expenses | -132 | -164 | 24% | -267 | -295 | 11% | -762 | 39% |
EBIT | 19 | 127 | 6.8x | 16 | 225 | 13x | 502 | 45% |
Financial income | 11 | 5 | -54% | 20 | 9 | -57% | 38 | 23% |
Financial expense | -37 | -26 | -29% | -74 | -54 | -26% | -144 | 38% |
Net income from affiliates | -7 | -16 | N.M. | -9 | -16 | N.M. | 0 | N.M. |
Net other income | 8 | 4 | -48% | 1 | 3 | 3.5x | 0 | N.M. |
PBT | -6 | 95 | N.M. | -45 | 166 | N.M. | 397 | 42% |
NPAT | -17 | 76 | N.M. | -61 | 130 | N.M. | 317 | 41% |
Minority interest | 2 | 38 | 21x | -3 | 61 | N.M. | 127 | 48% |
NPAT-MI | -19 | 38 | N.M. | -58 | 69 | N.M. | 190 | 36% |
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GPM | 22.8% | 41.5% |
| 28.5% | 42.0% |
| 48.1% |
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SG&A exp./sales | 19.9% | 23.4% |
| 26.9% | 23.9% |
| 29.0% |
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EBIT margin | 2.8% | 18.1% |
| 1.6% | 18.2% |
| 19.1% |
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NPAT margin | -2.6% | 10.9% |
| -6.2% | 10.5% |
| 12.1% |
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MI as % of NPAT | N.M. | 50.2% |
| 5.6% | 46.7% |
| 40.0% |
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NPAT-MI margin | -2.9% | 5.4% |
| -5.8% | 5.6% |
| 7.2% |
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Source: DXS, Vietcap forecast (last updated May 17, 2024)
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