• We attended DXS’s annual general meeting (AGM) on April 24.
• Shareholders approved 2025G guidance for revenue of VND5.1tn (USD198mn; +111% YoY) and NPAT-MI of VND412bn (USD16mn; +193% YoY) — equivalent to 195% and 148% of our respective full-year forecasts. We attribute the difference between management’s 2025G guidance and our forecast (2025F NPAT-MI of VND279bn) mainly to their more optimistic outlook on real estate market transactions compared to our expectations. DXS delivered NPAT-MI equal to 36% of its guidance in 2021, 28% in 2022, and 84% in 2024, while 2023 saw a net loss.
• Shareholders approved (1) no dividend distribution plan for FY2024 and (2) a FY2025 dividend plan of 10% on par value (par value of VND10,000/share). Shareholders authorized the BOD to pay cash dividends in advance based on business results, capped at 10% of charter capital.
• Shareholders approved for DXG to receive the transfer of outstanding shares of DXS without conducting a tender offer. Under this proposal, DXG would receive the transfer of ~68.2 million shares, equivalent to 11.78% of DXS’s current O/S, from five shareholders: Victory Holding Investment Limited, Hanoi Investments Holdings Limited, Norges Bank, DC Developing Markets Strategies Public Limited Company, and Danang Investments Limited. The transfer price will be mutually agreed upon by the involved parties and is expected to fall outside of DXS’s trading band at the time of the transaction.

Management guides for brokerage activities to strongly recover in 2025. Management anticipates a strong rebound in brokerage services driven by (1) improving sentiment and activity in the southern and central property markets, and (2) sustained strong performance in the northern market. DXS’s leading position in the primary brokerage market and full-service capabilities give it confidence in capturing the rebound. The company also highlights its sizable product backlog that could convert to revenue in 2025, supported by improving legal and market conditions.

Project launches to ramp up in 2025, including The Prive (developed by parent DXG) and projects from Regal Group (a 55%-owned DXS subsidiary). Management highlights that The Prive (formerly known as Gem Riverside, 4.3 ha, Thu Duc, 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. Strong market interest has been observed through early bookings, per the company. Meanwhile, Regal Group (a 55%-owned subsidiary of DXS) is also preparing to accelerate presales at multiple projects in 2025, including Regal Legend (Quang Binh), Regal Complex Da Nang (Da Nang), Regal Victoria (Quang Nam), and Regal Maison (Phu Yen). In addition, management stated that Regal Group is finalizing documentation to become a public company, with a plan to begin the HOSE listing process  by Q4 2025.

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