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DXG [BUY +31.5%] - Broad-based growth expected - Update

We reiterate our BUY rating on DXG, and raise our target price by 51% to VND35,100 mainly due to (1) increasing profitability of the brokerage segment and DCF roll-over effects of the projects, (2) a reduction of the NAV discount to 10% from 20%, as we believe DXG has successfully transformed into a residential real estate developer from a pure brokerage business and (3) upward revaluation of DXG associate LDG, as we now consider it more of a core part of DXG’s business.