This report provides updates on real estate stocks KDH, NLG, DXG, and DXS. Additionally, we maintain our forecasts and valuations for VHM, VRE and VIC as per our August 15 Update Report. We reiterate our outlook for continuing gradual recovery in the residential sector with more launches from new projects entering the market from H2 2024, driven by (1) sustained improvement in homebuyer confidence and property brokerage activities, and (2) a stable mortgage rate environment throughout H2 2024F (details in our July 15 Sector Flash).

H1 2024 earnings recap

In H1 2024, KDH surpassed our previous expectations for its undisclosed land plot sales and gross margin. NLG's earnings and DXG/DXS's brokerage segment performance aligned with our expectations for H1 2024. DXG/DXS’s project development year to date has fallen short of our previous expectations. Please see more details for H1 2024 results in our Earnings Flash notes for KDH, NLG, DXG, and DXS.

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