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Company Quarterly Earnings Update – DXG VN – Q4 2024
Summary of Q4/2024 results and outlook of Dat Xanh Group JSC (DXG VN)
- The implementation of three real estate laws has spurred new supply growth, yet the majority remain concentrated in the high-end segment, diverging from prevailing demand for mid-end housing. This mismatch has fueled primary price increases in Hanoi and HCMC while keeping transaction volumes subdued. Looking ahead, the sustained impact of these regulatory changes, coupled with accelerating infrastructure investment in metro lines and TOD initiatives, is expected to drive supply expansion beyond central areas and broaden access to affordable housing.
- Net revenue reached VND4,733bn (+27.8% y/y), driven by project development (68.9% of total revenue), with 815 apartments from Opal Skyline and 300 units from Gem Sky World (GSW) delivered, and the delivery of hospitality projects under its subsidiaries also contributed around 30% sales of this segment. Brokerage grew solidly, with 7,100 transactions (+86.8% y/y). Operating profit margin improved to 24.3% (from 19.9%), though net financial expenses rose to VND422bn without 2023’s one-off gain. Net profit was VND253bn (+43.2% y/y).
- DXG’s project pipeline is streamlined around two developments: GSW in Dong Nai achieved full legal readiness in 2024 and is slated for a relaunch in the second half of 2025. Approximately 660 units are earmarked for delivery in 2025, providing a reliable revenue stream for the development segment in the near term. Post-relaunch, DXG aims to sell 700–800 units from the remaining inventory of 1,600 units, capitalizing on the anticipated operationalization of Long Thanh International Airport and an improving infrastructure in the area. The second project, DXH Riverside in HCMC, marked a milestone with construction permit approval in October 2024, following years of delays. Groundwork is now underway, with a formal launch planned for H1 2025 and revenue recognition expected between 2026 and 2027. This project’s revival underscores the government’s broader push to resolve legal bottlenecks that have long hampered developers. On the brokerage front, transaction volumes are poised to rise further in 2025, fueled by an influx of new supply—CBRE estimates around 40,000 apartments will enter the national market—and an uptick in project approvals.
- For 2025, we project DXG’s net profit to be driven by brokerage momentum and GSW presold unit deliveries. By 2026, profit will be supported by initial handovers from DXH Riverside and additional GSW units commence.
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