- 2024-04-27T00:00:00
- Company Research
- DXS announced its Q1 2024 results with revenue of VND534bn (USD21mn; +62% YoY) and NPAT-MI of VND31bn (USD1.2mn; vs Q4 2023’s net loss of VND114bn/USD4.6mn and vs Q1 2023 net loss of VND39bn/USD1.6mn). As the recovery in the Q1 2024 brokerage segment of DXS is broadly in line with our expectations and we continue to expect further recovery in upcoming quarters, we foresee no significant change to our 2024F earnings forecast.
- DXS’s brokerage segment revenue surged 156% YoY in Q1 2024 as property transactions recovered YoY. Per the company’s Q1 2024 earnings call, DXG/DXS brokered around 1,100 units in Q1 2024, accounting for ~35-40% of the total market share. Per DXS, the nationwide absorption rate (% of total accumulated launched units) was ~25-30% in Q1 2024, compared to ~25-30% in Q4 2023 and ~5-10% in Q1 2023. The brokerage segment’s GPM improved to 65.7% in Q1 2024 from 57.1% in Q1 2023 and 59% in 2023.
- DXS’s property sales segment increased 11% YoY to VND292bn (USD12mn) in Q1 2024, which we attribute mainly to the scheduled handovers at Dat Xanh Mien Trung’s (Regal Group) self-developed projects, among which is Regal Legend (21 ha; Quang Binh; around 20% presold).
DXS’s Q1 2024 results
VND bn | Q1 2023 | Q1 2024 | YoY | 2024F | Q1 2024 as % of 2024F |
Net revenue | 329 | 534 | 62% | 2,629 | 20% |
Brokerage | 74 | 190 | 156% | 1,296 | 15% |
Property sales | 264 | 292 | 11% | 1,207 | 24% |
Others | -9 | 52 | N.M. | 126 | 42% |
Gross profit | 132 | 228 | 73% | 1,265 | 18% |
SG&A expenses | -135 | -131 | -3% | -762 | 17% |
EBIT | -2 | 98 | N.M. | 502 | 19% |
Financial income | 9 | 3 | -60% | 52 | 7% |
Financial expense | -37 | -29 | -23% | -144 | 20% |
Net income from affiliates | -2 | -1 | N.M. | 0 | N.M. |
Net other income | -7 | -1 | N.M. | 0 | N.M. |
PBT | -40 | 72 | N.M. | 411 | 17% |
NPAT | -44 | 54 | N.M. | 329 | 16% |
Minority interst | -5 | 22 | N.M. | 99 | 23% |
NPAT-MI | -39 | 31 | N.M. | 230 | 14% |
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GPM | 40.2% | 42.8% | 48.1% | ||
SG&A exp./sales | 40.9% | 24.4% | 29.0% | ||
EBIT margin | -0.8% | 18.3% | 19.1% | ||
NPAT margin | -13.4% | 10.0% | 12.5% | ||
MI as % of NPAT | 11.8% | 41.7% |
| 30.0% |
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NPAT-MI margin | -11.8% | 5.8% |
| 8.8% |
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Source: DXS, Vietcap forecast (last updated March 8, 2024)
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