- 2024-01-31T00:00:00
- Company Research
- DXG announced Q4 2023 results with revenue of VND1.4tn (USD58mn; +53% YoY and +15% QoQ) and NPAT-MI of VND47bn (USD1.9mn; vs a net loss of VND342bn/USD14mn in Q4 2022 and -31% QoQ). The Q4 2023 result was mainly driven by scheduled handovers at the Opal Skyline project (~1,500 condo units in total; 100% presold; Binh Duong), which are partially offset by a net loss from DXS’s 49%-owned Dat Xanh Mien Nam (DXMN) affiliate.
- DXG’s 2023 revenue declined 33% YoY to VND3.7tn (USD153mn) while its NPAT-MI decreased 18% YoY to VND176bn (USD7.3mn). The NPAT-MI result completed 101% of our forecast as the higher-than-expected gross profit offset the unexpected loss from DXMN. Although DXG’s 2023 NPAT-MI matched our forecast, we anticipate a downside risk to our 2024F earnings forecast (pending a fuller review) as the brokerage segment (DXS) in 2023 was behind our expectations.
- DXG’s property development segment recorded 2023 revenue of VND2.8tn (USSD115mn; flat YoY) with the main contributor being handovers at Opal Skyline.
- For more detailed information about DXG’s property brokerage segment, please refer to our January 31 DXS Earnings Flash.
- Per DXG, the presales in 2023 were minimal and the company plans to relaunch presales at Gem Sky World (GSW) by H1 2024. The 2023 presales were behind our previous expectation, which we project DXG to achieve a 2023F presales value of ~VND500bn (USD21mn) mainly from the relaunch of GSW (1,700 units remaining at end-Q3 2023) starting in Q4 2023.
DXG’s 2023 results
VND bn | Q4 2022 | Q4 2023 | YoY | 2022 | 2023 | YoY | 2023F | 2023 as % of 2023F |
Net revenue | 915 | 1,400 | 53% | 5,512 | 3,706 | -33% | 3,578 | 104% |
| 395 | 205 | -48% | 2,018 | 602 | -70% | 599 | 100% |
| 324 | 1,068 | 230% | 2,793 | 2,801 | 0% | 2,769 | 101% |
| 196 | 127 | -35% | 701 | 304 | -57% | 210 | 145% |
Gross profit | 459 | 643 | 40% | 2,970 | 1,693 | -43% | 1,464 | 116% |
SG&A expenses | -699 | -312 | -55% | -2,140 | -955 | -55% | -889 | 107% |
EBIT | -240 | 331 | N.M. | 830 | 738 | -11% | 575 | 128% |
Financial income | 35 | 41 | 18% | 464 | 409 | -12% | 413 | 99% |
Financial expense | -167 | -131 | -22% | -521 | -593 | 14% | -656 | 90% |
Net income from affiliates | 0 | -102 | N.M. | 2 | -112 | N.M. | 0 | N.M. |
Net other income | -27 | -17 | N.M. | -7 | 16 | N.M. | 30 | 55% |
PBT | -400 | 122 | N.M. | 768 | 458 | -40% | 362 | 126% |
NPAT | -395 | 5 | N.M. | 534 | 155 | -71% | 235 | 66% |
Minority interest | -54 | -42 | N.M. | 319 | -22 | N.M. | 61 | N.M. |
NPAT-MI | -342 | 47 | N.M. | 215 | 176 | -18% | 174 | 101% |
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GPM | 50.2% | 45.9% |
| 53.9% | 45.7% |
| 40.9% |
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OPM | N.M. | 23.6% |
| 15.1% | 19.9% |
| 16.1% |
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NPM | N.M. | 3.4% |
| 3.9% | 4.8% |
| 4.9% |
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Source: DXG, Vietcap forecast (last updated November 23, 2023)
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