- 2023-10-30T00:00:00
- Company Research
- DXS announced Q3 2023 results with revenue of VND510bn (USD21mn; -52% YoY) and NPAT-MI of VND3bn (USD0.1mn; vs Q3 2022’s NPAT-MI of VND120bn/USD5.0mn and Q2 2023’s net loss of VND19bn/USD0.8mn). The top-line YoY decline in Q3 2023 was mainly due to a 71% YoY drop in brokerage revenue, while the bottom-line was primarily dragged down by a lower EBIT margin.
- In 9M 2023, DXS’s revenue declined 53% YoY to VND1.5tn (USD63mn) while its NPAT-MI was negative VND54bn (USD2.3mn) vs profit of VND419bn (USD17.4mn) in 9M 2022. These results are broadly in line with our expectations; therefore, we foresee insignificant changes to our forecasts as stated in our October 16 DXS Update Report.
- The brokerage segment’s revenue plummeted 81% YoY to VND384bn (USD16mn) in 9M 2023, mainly resulting from a minimal number of new project launches and transactions in the period. Per DXS, the total market absorption rate (% of total accumulated launched supply) in the northern, central, and southern regions of Vietnam improved to ~20%/10%/20% in Q3 2023 from ~15%/5%/15% in Q2 2023.
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