chevrons

Back to Previous Page

Company Quarterly Earnings Update – DXS VN – Q1 2022

Summary of the Q1/2022 results of Dat Xanh Real Estate Services (DXS VN)

Q1/2022 results: highlights

  • Q1/2022’s net revenue declined by 18.7% y/y to VND863bn in Q1/2022. The first quarter of the year is generally the lowest financial period of the year for DXS. Most of the first quarter’s revenue is normally generated from brokerage activities during the second half of the previous year. However, in this case DXS was affected by the Covid-19 outbreak and prolonged lockdown. The operating margin was reduced due to higher SG&A expenses as the number of employees rose by 32.0% y/y in an effort to expand nationwide network. As a result, net profit dropped 38.7% y/y to VND123bn.
  • By the end Q1/2022, DXS’s cash and cash equivalent was VND1,513bn. Financial leveraging was very low as total debts amounted to VND1,361bn, translating a D/E ratio of 0.17x and a D/A ratio of 0.08x.

Outlook

  • The total real estate transaction volume was reported to be 20,325 units in Q1/2022, a decline of 19.9% y/y (Ministry of Construction) as many real estate projects have been delayed launched due to the Covid situation in H2/2021, which has affected the selling progress. However, we observe that many property projects have launched in Q2/2022. We expect the number of property transactions to improve significantly in 2022 and the coming years, compared to the low base in 2021.
  • From 2021’s low base, we expect DXS’s brokerage volume to increase by 185.7% y/y to 40,000 units in 2022, mainly thanks to the traditional brokerage volume. It should be noted that DXS’s brokerage volume of the second half of last year contributed only 21.4% in 2021 due to the Covid-related prolonged lockdown. Many delayed selling projects last year can be launched this year. Thus, we project DXS’s net profit to expand by 142.4% y/y to VND1,305bn in 2022 and by 18.8% y/y to reach VND1,550bn in 2023.

 

Company ratings and target prices are accessible for clients only.

If you are interested in getting full access to our paid Primary Research Materials feel free to get in touch with us at your convenience.

Our team is actively covering 50 companies in the listed Vietnamese equity space for our clients.

 

Featured image credit: vir.com.vn

Related News & Insights
Find out more navigation_button
news

Summary of Q1 2025 results and outlook of IDICO Corporation JSC (IDC VN) Despite higher energy revenue and stable toll fee revenue, total revenue declined 3% y/y to VND1,793 bn, mainly due to lower contributions from the industrial park (IP) and real estate segments. Energy and toll fee accounted for 51.7% of total revenue, while […]

Read Newsarrow
news

Summary of Q1 2025 results and outlook of Binh Minh Plastic JSC (BMP VN) BMP reported net revenue of VND1,383bn in Q1/2025, up 37.9% y/y, driven primarily by a 39.6% y/y increase in sales volume. This strong growth was largely due to a shift in the timing of promotional campaigns (held in Q1 this year […]

Read Newsarrow
news

Summary of Q1 2025 results and outlook of Dat Xanh Group JSC (DXG VN) Vietnam real estate market recorded moderate new supply, as many projects approved in late 2024 and early this year needed more time to complete launch sales procedures. Hanoi continued to lead new supply, while HCMC remained constrained by legal hurdles. Most […]

Read Newsarrow
Find out more navigation_button