DXG reported 2018 net revenue of VND4.6tn (USD199mn, +61% YoY) and NPAT-MI of VND1.18tn (USD51mn, +57% YoY). These results are respectively 14% and 13% higher than our forecasts mainly due to a stronger-than-expected brokerage segment in Q4. We foresee slight upside risk to our 2019 NPAT-MI forecast of VND1.21tn (USD52mn). Overall, this performance reinforces our fundamental view on DXG’s long-term outlook and conviction of a BUY rating with a projected total return of 51%. At its current pric