DXG posted its H1 2020 results with net revenue of VND1.1tn (USD47mn; -54% YoY) and minimal NPAT-MI of VND38bn (USD1.7mn). We attribute the low performance to an absence of property handover revenue due to timing of recognition and low brokerage service performance following the negative impact of COVID-19, which are both as we expected. However, we anticipate downside risk to our forecast for DXG’s 2020F NPAT-MI at VND939bn (USD41mn; -23% YoY)