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DXG [MARKET PERFORM +9.6%] - Gem Riverside launch solidifies mid-term outlook - Update

We raise our target price by 9% for DXG to VND33,700 mainly on an upward revaluation of DXG’s Gem Riverside and Saigon ResRiverside developments as we expect sales to accelerate, as well as higher average selling prices (ASP). However, a stock price has risen 30% since our last update report, prompting us to switch rating from BUY to MARKET PERFORM. We project 2018F NPAT-MI to grow 43% YoY to VND1.1tn (USD47mn), mainly driven by faster deliveries of pre-sold units and robust brokerage growth.