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.


  • 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.


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