Dat Xanh Group (DXG) recorded 4Q23 results including VND1,400 billion (+42%YoY) in revenue and VND47 billion in NPAT compared to a loss of VND408 billion in 4Q22 thanks to the handover of the Opal Skyline project. Accumulated for the whole year 2023, revenue and NPAT hit VND3,706 billion (-33%YoY) and VND176 billion (-18%YoY) respectively.
Phối cảnh tổng thể dự án Gem Riverside Quận 2
DXG plans to launch two projects, Gem Sky World and Gem Riverside in 2Q and 3Q24. Resuming two projects in 2024 should help improve sales for DXG. KBSV estimates 2024 sales of DXG at VND3,205 billion (+14xYoY.)
KBSV forecasts revenue of DXG in 2024 will reach VND5,306 billion (+43%YoY), of which, (1) real estate brokerage should be VND1,373 billion (up 128% compared to the low base in 2023) and (2) the sales of inventory properties are VND3,488 billion (+25%YoY) from the handover of Opal Skyline and Gem Skyworld projects. NPAT of the parent company is expected to hit VND257 billion (+46%YoY). DXG stock is currently trading at a 2024fw P/B of 1.1x,
Tiện ích thực tế tại Gem Riverside Quận 2
compared to the five-year average P/B of 1.3x. Based on business prospects and valuation, we give a BUY rating to DXG stock with a target price of VND20,700/share, 18% higher than the closing price on March 12, 2024
