DXG [BUY +95.8%] - Compelling valuation with upbeat medium-term outlook - Update
  • 2020-02-24T20:10:32
  • Company Research
We reiterate our BUY rating while reducing target price by 10% to VND23,200/share, mainly due to a downward revision to our 2020F presales value forecast and brokerage services segment that is partly offset by a higher net cash balance at end-2019. We revise down our 2020F NPAT-MI forecast by 12% to VND1.4tn (USD59.6mn, +13% YoY) as we cut (1) our brokerage services projection amid our expectation of a negative impact from the recent coronavirus outbreak and (2) a non-core gain assumption.