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DXG [BUY +30.6%] - 2018F growth on course despite LuxGarden headwind - Update

We retain our BUY rating and target price of VND33,700/share for DXG with total return of 30.6%. H1 2018 NPAT-MI surged 113% YoY to VND432bn (USD19mn), driven by strong growth in the brokerage segment and steady deliveries of pre-sold units at Opal Riverside. We expect earnings to accelerate in H2, mainly underpinned by scheduled deliveries of 100% pre-sold units at Opal Garden along with persistent growth of wholesale brokerage.