- 2025-02-03T00:00:00
- Company Research
- DXG announced its Q4 2024 results with revenue of VND1.5tn (USD60mn; +8% YoY and +51% QoQ) and NPAT-MI of VND158bn (USD6.2mn; +3.7x YoY and +5.1x QoQ), mainly due to the handovers of ~150 units at Gem Sky World (GSW).
- 2024 revenue and NPAT-MI were VND4.7tn (USD186mn; +27% YoY) and VND253bn (USD9.9mn; +47% YoY), completing 114% and 199% of our respective full-year forecasts. We attribute DXG’s higher-than-expected NPAT-MI to a higher-than-expected revenue contribution and handovers from presold units at GSW.
- We foresee no significant changes to our 2025F NPAT-MI forecast for DXG as 2024 brokerage results and GSW handover guidance are broadly in line with our expectations, pending a fuller review.
- Updates on key projects:
- Gem Sky World (4,000 low-rise units; 92 ha in Dong Nai): There are ~1,600 unsold units remaining. The unbilled backlog is ~600 units, with DXG expecting 250–300 units to be recognized in 2025G. Additionally, DXG targets to launch sales for ~700-800 units in 2025G, among which are ~500 units of land plots and ~200-300 units of townhouses.
- Gem Riverside (4.3 ha, Thu Duc, HCMC): DXG received the construction permit for this project in September 2024. DXG is preparing to start construction and aims to receive the sales permit for this project by H1 2025G. We currently expect presales at this project to start in 2025F and for handovers to start in 2027F.
DXG’s 2024 results
VND bn | Q4 | Q4 | YoY | 2023 | 2024 | YoY | 2024F | 2024 as % |
Net revenue | 1,419 | 1,529 | 8% | 3,725 | 4,733 | 27% | 4,161 | 114% |
- Property development | 1,086 | 1,088 | 0% | 2,819 | 3,261 | 16% | 2,756 | 118% |
- Brokerage | 205 | 362 | 76% | 602 | 1,191 | 98% | 1,101 | 108% |
- Others | 127 | 79 | -38% | 304 | 282 | -7% | 304 | 93% |
Gross profit | 660 | 769 | 16% | 1,710 | 2,285 | 34% | 1,882 | 121% |
SG&A expenses | -333 | -358 | 7% | -977 | -1,132 | 16% | -1,012 | 112% |
EBIT | 327 | 411 | 26% | 734 | 1,153 | 57% | 870 | 132% |
Financial income | 41 | 22 | -47% | 409 | 48 | -88% | 32 | 148% |
Financial expense | -131 | -133 | 1% | -593 | -470 | -21% | -425 | 111% |
Net income from affiliates | -102 | -16 | N.M. | -112 | -38 | N.M. | -30 | N.M. |
Net other income | -18 | 22 | N.M. | 16 | 36 | 127% | 40 | 90% |
NPAT | 117 | 306 | 161% | 453 | 728 | 61% | 317 | 230% |
NPAT-MI | 43 | 158 | 269% | 172 | 253 | 47% | 127 | 199% |
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Gross margin | 46.5% | 50.3% |
| 45.9% | 48.3% |
| 45.2% |
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EBIT margin | 23.0% | 26.9% |
| 19.7% | 24.3% |
| 20.9% |
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NPAT-MI margin | 3.0% | 10.3% |
| 4.6% | 5.3% |
| 3.0% |
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Source: DXG, Vietcap forecasts (last updated October 29, 2024)
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