Company Quarterly Earnings Update – DXG VN – Q1 2022

Summary of the Q1/2022 results of Dat Xanh Group JSC (DXG VN)

Q1/2022 results: highlights

  • In Q1/2022, DXG continued selling activities at Gem Sky World (landed property in Dong Nai province), where were more than 2,500 out of 4,026 units are already pre-sold. Although no new projects were launched in Q1/2022, the company expects to begin sales of four news projects in 2022. Regarding the project delivery activities and accounting booking, DXG booked a total 300 units mainly from a small project – St Moritz and a part of Gem Sky World project in Q1/2022.
  • Net revenue declined 39.6% y/y to VND1,769bn, while net profit after minority interest declined by 49.1% y/y to VND270bn. According to the company’s project pipeline, most of 2022’s revenue will be generated in H2/2022. By the end of Q1/2022, DXG had total cash and cash equivalents of VND2,205bn, accounting for of 7.6% total assets. Total debts amounted to VND4,308bn, indicating low leverage ratios with a D/A ratio of 0.15x and a D/E ratio of 0.31x.


  • DXG’s project development revenue is expected to slow during 2022 and 2023, before increasing strongly from 2024. The Opal Skyline and Gem Sky World will be the two major projects contributing sales for 2022 and 2023. From 2024, the company can book sales from new projects which are expected to start selling in 2022.
  • We expect the whole property market’s transaction volumes to start recovering this year and increase strongly over the coming years. As a brokerage leader, DXG has a dominant scale compared to its peers.
  • Net profit is forecast to drop by 7.0% y/y to VND1,076bn in 2022, but will rise by 11.1% y/y to VND1,195bn in 2023. The brokerage business is the key earnings driver in 2022 and 2023, mitigating the decline from the project development business.


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