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DXG [BUY +48.7%] - Strong finances bolster DXG’s consolidation potential - Update

We reiterate a BUY rating for DXG with a target price of VND23,200 based on the following: The mega up trend in mid-range segment is just beginning. Transaction volume has increased 11 times in the last three years, corresponding to a CAGR of 120%. Future growth is sustainable due to an emerging middle class and the rising popularity of mortgages.