DXG recorded a 2020 net loss of VND432bn (USD19mn) vs 2019 NPAT-MI of VND1.2tn (USD53mn). If excluding the financial loss of VND526bn (USD23mn) from the LDG divestment in July 2020, DXG’s 2020 NPAT-MI would reach VND94bn (USD4.1mn; -92% YoY), mainly driven by the contribution of brokerage services. This 2020 result is significantly lower than our forecasts primarily due to a slower-than-expected timing recognition of Gem Sky World Long Thanh (GSW) project in Q4 2020.