DXS released Q1 2023 results with net revenue of VND329bn (USD14mn; -62% YoY) and NPAT-MI of negative VND39bn (USD1.7mn; vs Q1 2022 profit of VND124bn), equivalent to 9% and -14% of our full-year forecasts, respectively. Revenue from property sales in Q1 2023 was VND264bn (USD11.2mn; +387% YoY), accounting for 72% of DXS’s total revenue. Meanwhile, the brokerage segment’s revenue plummeted 91% YoY to VND74bn (USD3.1mn) — which accounted for 20% of total revenue (vs 92% in Q1 2022) — as transactions in the quarter were subdued.