DXS reported improved QoQ Q2 2022 results with net revenue of VND1.3tn (USD56mn; +50% QoQ and +19% YoY) and NPAT-MI of VND175bn (USD7.6mn; +42% QoQ and -11% YoY) thanks to the resumption of its property brokerage business in central Vietnam vs a minimal contribution in Q1 2022. For H1 2022, DXS posted modest growth in revenue (VND2.2tn/USD94mn; +1% YoY) and a 25% YoY decline in NPAT-MI (VND299bn/USD13mn) mainly due to increased SG&A expenses (VND741bn/USD32mn; +33% YoY). Per management, the northern market contributed 45% of H1 2022 revenue, followed by the central market with 30% thanks to its improved performance in Q2; the southern market made up the remaining portion. In terms of NPAT, the northern market contributed 50% of H1 2022 NPAT thanks to landed property transactions with high brokerage margin, while the central market contributed 30% and the southern market contributed 20%. According to management, the H2 2022 profit outlook will be driven by expected steady sales momentum in the northern region, a robust performance in the central region, and the expected relaunch of Gem Riverside (Thu Duc City, HCMC) in late Q3 or early Q4 2022. |
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