DXG [BUY +20.0%] - Transformation process decelerates earnings growth - Update

Company Research

07 Nov 2016

We reiterate a BUY recommendation. DXG is successfully transitioning from broker to developer. Although declining brokerage revenue will hurt results this year, its steady pipeline with three new projects - well positioned in the mid-range segment – to be launched in Q4, supports our forecast for 54% contract sales growth next year.
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