External broker reports(aggregated public sources), Vietcap

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External broker reports(aggregated public sources)

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Equity Bottom-Up

Dat Xanh Real Estate Service / Equity Bottom-Up

<ul><li>We lower our target price (TP) for DXS by 39% to VND8,300/share and downgrade our rating to OUTPERFORM from BUY.</li><li>Our lower TP mainly reflects a 31% reduction in our aggregate 2026–30F NPAT-MI forecast, as we revise down our assumed net margin and brokerage transaction volumes over the period, following weaker-than-expected 2025 margins, with elevated interest rates expected to continue weighing on margins in 2026F.</li><li>For 2026F, we expect DXS’s brokerage revenue to remain flat YoY, as stronger contributions from The Privé and the expected relaunch of Gem Sky World (both developed by the parent DXG) offset weaker brokerage transaction volumes, while DXS’s property sales revenue is forecast to remain stable YoY, supported by a VND858bn (USD33mn; +115% YoY) customer advances balance at end-2025 that underpins revenue recognition.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We lower our target price (TP) for DXS by 39% to VND8,300/share and downgrade our rating to OUTPERFORM from BUY.Our lower TP mainly reflects a 31% reduction in our aggregate 2026–30F NPAT-MI forecast, as we revise down our assumed net margin and brokerage transaction volumes over the period, following weaker-than-expected 2025 margins, with elevated interest rates expected to continue weighing on margins in 2026F.For 2026F, we expect DXS’s brokerage revenue to remain flat YoY, as stronger contributions from The Privé and the expected relaunch of Gem Sky World (both developed by the parent DXG) offset weaker brokerage transaction volumes, while DXS’s property sales revenue is forecast to remain stable YoY, supported by a VND858bn (USD33mn; +115% YoY) customer advances balance at end-2025 that underpins revenue recognition.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

DXS - Brokerage Segment, Earnings Growth to Moderate in 2026

<ul><li>We lower our target price (TP) for DXS by 4% to VND13,600/share, but upgrade our rating to BUY from OUTPERFORM as DXS’s share price has corrected ~24% over the past three months.</li><li>Our lower TP mainly reflects a reduced target P/E of 13.5x (from 19.3x) and a higher WACC assumption of 14.4% (from 13.8%), partially offset by rolling our TP horizon forward to end2026.</li><li>We broadly maintain our 2025/26/27F NPAT-MI forecasts.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We lower our target price (TP) for DXS by 4% to VND13,600/share, but upgrade our rating to BUY from OUTPERFORM as DXS’s share price has corrected ~24% over the past three months.Our lower TP mainly reflects a reduced target P/E of 13.5x (from 19.3x) and a higher WACC assumption of 14.4% (from 13.8%), partially offset by rolling our TP horizon forward to end2026.We broadly maintain our 2025/26/27F NPAT-MI forecasts.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

DXS [BUY +28.3%] - Brokerage Transaction Growth to Power 2026F Earnings

<ul><li>We reiterate our OUTPERFORM rating for DXS and raise our target price (TP) by 24% to VND9,200/share.</li><li>Our higher TP is mainly due to rolling our TP horizon forward to mid-2026 from end-2025, and a higher P/E valuation as we apply a higher target P/E of 15.8x (which is the oneyear average of our peer group median).</li><li>We raise our 2025–27F aggregate NPAT-MI forecast by 6%, driven by a 24% annual upward revision in our projected property sales revenue following stronger-than-expected Q1 2025 results.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We reiterate our OUTPERFORM rating for DXS and raise our target price (TP) by 24% to VND9,200/share.Our higher TP is mainly due to rolling our TP horizon forward to mid-2026 from end-2025, and a higher P/E valuation as we apply a higher target P/E of 15.8x (which is the oneyear average of our peer group median).We raise our 2025–27F aggregate NPAT-MI forecast by 6%, driven by a 24% annual upward revision in our projected property sales revenue following stronger-than-expected Q1 2025 results.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

DXS Dat Xanh Services - Property Brokerage Recovery to Drive 2025F Earnings Growth

Thematic (Sector/Industry)

<ul><li>Primary condo transactions in Hanoi and HCMC ended 2024 with a strong Q4 performance. </li><li>Based on our estimates from CBRE data charts, Q4 2024 primary condo transactions in Hanoi and HCMC combined were ~14,200 units (+43% QoQ and +150% YoY).</li><li>Hanoi recorded new supply of 11,900 units in Q4 2024 – the highest quarterly figure since 2019 – mainly from new launches from Masterise and MIK in Global Gate, and Capitaland’s The Senique in Ocean Park 1.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Primary condo transactions in Hanoi and HCMC ended 2024 with a strong Q4 performance. Based on our estimates from CBRE data charts, Q4 2024 primary condo transactions in Hanoi and HCMC combined were ~14,200 units (+43% QoQ and +150% YoY).Hanoi recorded new supply of 11,900 units in Q4 2024 – the highest quarterly figure since 2019 – mainly from new launches from Masterise and MIK in Global Gate, and Capitaland’s The Senique in Ocean Park 1.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Vietnam Residential Real Estate Sector Flash - 2025 to Witness Increased Market Activities

<ul><li>New project preparations and launches have ramped up in 2024 YTD: The housing market in Vietnam bottomed out in 2023 and has since shown a gradual recovery in primary transactions, beginning in Q3 2023 and continuing throughout 2024 YTD, with the condo segment in Hanoi leading the recovery.</li><li>The rise in preparation activities for new project launches, along with ongoing improvement in homebuyer confidence in 2024 YTD, reaffirms our expectation for growth in primary property transactions in 2024F vs 2023.</li><li>We project market transactions to strengthen in Q4 2024 and 2025, led by our expectations for: (1) sustained demand for real living purposes, particularly targeting mid-end condo projects; (2) a return of investment buyers to select landed property products; (3) growth in new primary supply driven by more project launches and smoother legal procedures; and (4) improving homebuyer confidence, driven by the continuous recovery of the overall property market, a stable mortgage rate outlook, and the acceleration of key infrastructure development.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

New project preparations and launches have ramped up in 2024 YTD: The housing market in Vietnam bottomed out in 2023 and has since shown a gradual recovery in primary transactions, beginning in Q3 2023 and continuing throughout 2024 YTD, with the condo segment in Hanoi leading the recovery.The rise in preparation activities for new project launches, along with ongoing improvement in homebuyer confidence in 2024 YTD, reaffirms our expectation for growth in primary property transactions in 2024F vs 2023.We project market transactions to strengthen in Q4 2024 and 2025, led by our expectations for: (1) sustained demand for real living purposes, particularly targeting mid-end condo projects; (2) a return of investment buyers to select landed property products; (3) growth in new primary supply driven by more project launches and smoother legal procedures; and (4) improving homebuyer confidence, driven by the continuous recovery of the overall property market, a stable mortgage rate outlook, and the acceleration of key infrastructure development.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Vietnam Residential Real Estate Sector Flash - Market Transactions to Strengthen in Q4 2024 and 2025

Vietnam

Dat Xanh Real Estate Service JSC provides real estate trading and brokerage services, real estate investment and development, and property management services in Vietnam. The company also engages in technology development, financial services, media and advertising, and investment consulting. It is headquartered in Ho Chi Minh City, Vietnam, and was founded in 2003.

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Dat Xanh Real Estate Service (DXS VN)

DXS - Brokerage Segment, Earnings Growth to Moderate in 2026

Our lower TP mainly reflects a 31% reduction in our aggregate 2026–30F NPAT-MI forecast, as we revise down our assumed net margin and brokerage...

Vietcap

DXS [BUY +28.3%] - Brokerage Transaction Growth to Power 2026F Earnings

We lower our target price (TP) for DXS by 4% to VND13,600/share, but upgrade our rating to BUY from OUTPERFORM as DXS’s share price has corrected...

Vietcap

DXS Dat Xanh Services - Property Brokerage Recovery to Drive 2025F Earnings Growth

We raise our 2025–27F aggregate NPAT-MI forecast by 6%, driven by a 24% annual upward revision in our projected property sales revenue following...

Vietcap

Vietnam Residential Real Estate Sector Flash - 2025 to Witness Increased Market Activities

Based on our estimates from CBRE data charts, Q4 2024 primary condo transactions in Hanoi and HCMC combined were ~14,200 units (+43% QoQ and +150%...

Vietcap

Vietnam Residential Real Estate Sector Flash - Market Transactions to Strengthen in Q4 2024 and 2025

The housing market in Vietnam bottomed out in 2023 and has since shown a gradual recovery in primary transactions, beginning in Q3 2023 and...

Vietcap

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