Dat Xanh Real Estate Service & Construction Corp – Outperform​​ (DXG : HSX​ – ​Real Estate)

Dat Xanh Real Estate Service & Construction Corp – Outperform​​ (DXG : HSX​ – ​Real Estate)
 
  • Dat Xanh Group (DXG: Outperform) released strong results for FY2018, showing net sales of VND 4,645 billion (+61.3% y/y) and NPATMI of VND 1,178 billion (+56.9% y/y).
 
  • Strong growth in FY2018 was supported by increases in revenue from the brokerage segment and the handover of three completed development projects.
 
  • Plan to launch 5-6 affordable and mid-end projects to the market in FY2019.
 
  • Development of shophouse and land plot projects in other provinces to boost earnings.
 
  • HSC slightly revises down FY2019 forecasts, now calling for a growth of 6.7% y/y in the top line and 10.6% y/y in the bottom line. Valuations look cheap at a FY2019 forward P/E of 6.7x.
 
  • We have a fair value price of VND 33,500 per share based on our RNAV calculation.
 
  • Reiterate Outperform.
 
 
 
We thank you for being our client,
 
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