- 2025-04-30T00:00:00
- Company Research
DXG announced its Q1 2025 results with revenue of VND925bn (USD36mn; -13% YoY) and NPAT-MI of VND48bn (USD1.9mn; +55% YoY). We attribute Q1 2025 earnings growth mainly to the handovers of unbilled backlog at Gem Sky World (GSW; ~4,000 low-rise units; ~60% presold and ~45% handed over at end-2024), which has higher GPM compared to the handovers of Opal Skyline in Q1 2024.
DXG’s Q1 2025 revenue and NPAT-MI complete 21% and 18% of our respective full-year forecasts. We anticipate no significant changes to our 2025F forecasts for DXG, pending a fuller review. Meanwhile, we continue to expect relaunch of The Privé and Gem Sky World to drive DXG’s presales recovery in 2025F.
DXG’s property development segment recorded Q1 2025 revenue of VND666bn (USD26mn; -19% YoY), accounting for 72% of total revenue, while the segment’s GPM increased 16.5 ppts YoY to 55.9% in Q1 2025.
Management shared during DXS’s AGM (subsidiary of DXG; see our DXS AGM Note) that The Privé (formerly known as Gem Riverside, 4.3 ha, Thu Duc City, HCMC) is on track to kick off in May 2025, with a potential presales launch in June or July 2025 upon completion of legal requirements.
DXG’s Q1 2025 results
VND bn | Q1 2024 | Q1 2025 | YoY | 2025F | Q1 as % |
Net revenue | 1,065 | 925 | -13% | 4,439 | 21% |
| 821 | 666 | -19% | 2,570 | 26% |
| 189 | 196 | 3% | 1,558 | 13% |
| 54 | 63 | 16% | 310 | 20% |
Gross profit | 472 | 510 | 8% | 2,342 | 22% |
SG&A expenses | -218 | -225 | 4% | -1,190 | 19% |
EBIT | 255 | 285 | 12% | 1,152 | 25% |
Financial income | 8 | 12 | 39% | 56 | 21% |
Financial expense | -125 | -139 | 11% | -467 | 30% |
Net income from affiliates | -1 | 0 | N.M. | 0 | N.M. |
Net other income | -4 | -4 | N.M. | 0 | N.M. |
NPAT | 78 | 79 | 1% | 482 | 16% |
NPAT-MI | 31 | 48 | 55% | 265 | 18% |
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GPM | 44.4% | 55.2% |
| 52.8% |
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OPM | 23.9% | 30.8% |
| 26.0% |
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NPM | 2.9% | 5.2% |
| 6.0% |
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Source: DXG, Vietcap forecasts (last updated February 11, 2025)
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