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DXG [BUY +24.8%] - Poised for buoyant 2018 earnings growth - Update

We upgrade our rating for DXG from OUTPERFORM to BUY while raising target price by 7% mainly due to a higher revaluation of the brokerage service segment on its margin expansion and the company’s market share gains. More deliveries at Opal Riverside in Q4 along with in-line 9M earnings results will boost our 2017F NPAT-MI to VND702 billion (USD30.8 million, +31% vs 2016).