• We attended DXG’s annual general meeting (AGM) on May 9. 

• Shareholders approved 2025G guidance for revenue of VND7.0tn (USD269mn; +46% YoY) and NPAT-MI of VND368bn (USD14mn; +44% YoY) — equivalent to 158% and 139% of our respective full-year forecasts. DXG completed 86%/15%/112%/113% of its respective 2021/22/23/24G NPAT-MI guidance.  

• We attribute the difference between management’s guidance and our forecasts (projecting 2025F NPAT-MI of VND265bn; +4% YoY), mainly to management’s expectation for higher handovers at key projects, including Gem Sky World and/or DXS’s self-developed projects (such as Regal Legend) vs the guidance. While the guidance is above our forecasts, we foresee insignificant changes to our projections, pending a fuller review. 

• Shareholders approved plans of (1) no dividend for FY2024 and (2) a FY2025 dividend of 20% on par value (par value of VND10,000/share), either in cash and/or a stock dividend. 

• Shareholders approved a private placement plan of 93.5 million shares (13.0% of current outstanding shares) at an expected minimum issuance price of VND18,600/share to a maximum of 20 professional stock investors. The newly issued shares will be restricted from trading for at least one year. Management plans to use the total proceeds to increase charter capital and ownership at DXG’s subsidiaries. The private placement plan is expected in 2025 or will be determined later following the approval of authorities. This plan is a continuation of the one approved at the 2024 AGM but not yet executed. 

New project launches to ramp up in 2025-27G: Management stated during the AGM that DXG will focus on completing legal procedures and executing development in order to launch ~15,000 units between 2025-27G (vs minimal launches in 2023-24), among which a key project is The Privé (formerly known as Gem Riverside, 4.3 ha, Thu Duc, HCMC). Per DXG, this project officially kicked off on May 9, attracting strong buyer interest and significant participation both on-site and online. 

Management is optimistic about recovery of its brokerage segment. DXG has observed strong YoY growth in property transactions across all regions. Looking ahead, the brokerage segment/DXS is focusing on a full-service brokerage model, moving beyond the traditional brokerage model that dominated its segment revenue in 2024. This pivot is aimed to support the long-term growth of the brokerage segment/DXS and help it capture greater market share. Please also refer to our April 24 AGM Note for DXS.