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Dat Xanh Real Estate Services (DXS VN) – H1 2025 Earnings – Revenue grows 40% on Brokerage and Project Development
Summary of H1 2025 results and outlook of Dat Xanh Real Estate Services (DXS VN)
- The Hanoi and HCMC markets recorded a quarterly increase in new apartment supply, supported by easing legal procedures. Most new launches were concentrated in the high-end segment, which pushed average prices higher and led to softer absorption rates. By contrast, affordable projects in suburban areas along key infrastructure corridors attracted stronger demand, reinforcing the shift in buyer preference toward outer suburbs. Meanwhile, low-rise projects in satellite cities with limited infrastructure continued to see subdued demand. Looking ahead, new supply in these areas is expected to expand at more affordable price points, supported by policy tailwinds and infrastructure upgrades.
- DXS posted revenue of VND1,742 bn (+40.8% y/y), driven by both brokerage and project development. Brokerage revenue rose 64.8% y/y to VND790 bn on higher transaction volumes of 4,700 (+68.0% y/y), supported by resilient supply in Hanoi and stronger suburban HCMC activity in affordable and mid-end projects. This outpaced nationwide apartment transaction growth of 10% y/y, underscoring market share gains as smaller brokerages exited in the prior period. Project development revenue grew 30.8% y/y to VND832 bn, mainly from low-rise second-home projects in coastal provinces, where demand was investment-led. Higher gross margins and effective cost control lifted operating profit 91.2% y/y to VND430 bn, while lower financial expenses further boosted net profit to VND363 bn (+179.1% y/y).
- Following the normalization of brokerage earnings in 2025 from the low period of 2023-2024, we expect more moderate growth from 2026 onward, while project development will likely face muted demand. The brokerage segment should remain supported by rising transaction volumes in the affordable housing market, which is better aligned with real homebuyer demand. In contrast, investment demand in the high-end segment continues to stay soft amid elevated prices. Brokerage activities will also gain from major launches by parent company DXG, including the Prive project in 2025 and subsequent phases of Gem Sky World in 2026. Meanwhile, demand for high-value second-home housing projects in coastal provinces is expected to remain subdued, given their limited appeal to real homebuyers.
Interested in DXS? Click here to read more of our previous analysis on DXS’s quarterly earnings.
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