DXS reported Q3 2022 results with net revenue of VND1.1tn (USD43mn; -19% QoQ & +18% YoY) — with the central Vietnam market accounting for 48% of total revenue — and NPAT-MI of VND120bn (USD4.9mn; -31% QoQ & -29% YoY). We attribute the weaker QoQ results to an overall slowdown of residential market transactions because of limited credit growth room for real estate, in addition to recent interest rate hikes.

For 9M 2022, DXS’s net revenue increased 6% YoY to VND3.2tn (USD131mn), but its NPAT-MI declined 26% YoY to VND419bn (USD17mn) mainly due to a 48% YoY surge in SG&A expenses to VND1.1tn (USD47mn). Financial expenses increased 53% YoY to VND83bn (USD3.4mn) due to a higher debt balance as of end-Q3 2022 of VND2.7tn (USD109mn; +137% YTD). As of end-Q3 2022, DXS’s net debt/equity ratio increased to 19.2% vs -8.5% in end-2021.

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