- 2025-02-03T00:00:00
- Company Research
- DXS released its Q4 2024 results with revenue of VND557bn (USD22mn; +12% YoY but -4% QoQ) and NPAT-MI of VND36bn (USD1.4mn; compared to a loss of VND114bn/USD4.5mn in Q4 2023 and +4% QoQ). We attribute the largely unchanged QoQ earnings in Q4 2024 to DXS’s QoQ broadly flat brokerage transactions at ~3,000-4,000 transactions in the quarter.
- In 2024, DXS’s NPAT-MI recovered to VND141bn (USD5.5mn, vs a loss of VND168bn/USD6.6mn in 2023), completing 96% of our forecast. We anticipate no significant changes to our 2025F forecasts as the 2024 recovery in property brokerage activities and earnings results were broadly in line with our expectations, pending a fuller review.
- The brokerage segment’s 2024 revenue doubled YoY to VND1.2tn (USD48mn; accounting for 52% of net revenue) while its GPM improved by 4.6 ppts to 61.1% in 2024. This result was mainly driven by a recovery in brokerage activities as DXS’s system-wide brokerage transactions doubled YoY to ~13,000-14,000 units in 2024. The northern, central, and southern markets contributed to around 57%, 26%, and 15% of DXS’s brokerage revenue in 2024, respectively. DXS broadly maintained its market share at around 30-35%.
- The property sales segment recorded a 17% revenue decline in 2024, which we attribute mainly to slow sales progress in 2023-2024 for DXS’s self-developed projects, such as Regal Legend (Quang Binh) and Regal Maison (Phu Yen), compared to a high base in 2021-2022.
DXS’s 2024 results
VND bn | Q4 | Q4 | YoY | 2023 | 2024 | YoY | 2024F | 2024 as % |
Net revenue | 496 | 557 | 12% | 1,997 | 2,376 | 19% | 2,593 | 92% |
- Brokerage | 191 | 390 | 104% | 611 | 1,233 | 102% | 1,296 | 95% |
- Property sales | 254 | 264 | 4% | 1,263 | 1,050 | -17% | 1,026 | 102% |
- Others | 52 | -96 | N.M. | 123 | 93 | -25% | 272 | 34% |
Gross profit | 203 | 370 | 82% | 710 | 1,157 | 63% | 1,143 | 101% |
SG&A expenses | -190 | -246 | 30% | -604 | -709 | 17% | -700 | 101% |
EBIT | 14 | 123 | 9.0x | 106 | 449 | 4.2x | 443 | 101% |
Financial income | 22 | 16 | -30% | 48 | 31 | -34% | 24 | 132% |
Financial expense | -28 | -18 | -37% | -134 | -94 | -30% | -110 | 85% |
Net income from affiliates | -91 | -17 | -82% | -107 | -39 | -64% | -21 | 182% |
Net other income | 4 | -5 | N.M. | 8 | -8 | N.M. | 7 | N.M. |
PBT | -79 | 99 | N.M. | -80 | 339 | N.M. | 342 | 99% |
NPAT | -124 | 70 | N.M. | -160 | 253 | N.M. | 274 | 92% |
Minority interest | -11 | 33 | N.M. | 8 | 112 | 14.2x | 127 | 88% |
NPAT-MI | -114 | 36 | N.M. | -168 | 141 | N.M. | 147 | 96% |
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GPM | 40.9% | 66.3% | 35.6% | 48.7% | 44.1% | |||
SG&A exp./sales | 38.2% | 44.2% | 30.2% | 29.8% | 27.0% | |||
EBIT margin | 2.8% | 22.1% | 5.3% | 18.9% | 17.1% | |||
NPAT margin | -25.1% | 12.5% | -8.0% | 10.6% | 10.6% | |||
MI as % of NPAT | 8.6% | 47.8% | -4.9% | 44.3% | 46.5% | |||
NPAT-MI margin | -22.9% | 6.5% | -8.4% | 5.9% | 5.7% |
Source: DXS, Vietcap forecasts (last updated October 29, 2024)
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