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DXG - Property sales shine; brokerage offsets financial cost jump - Earnings Flash

DXG reported 9M 2018 net revenue of VND3.2tn (USD141mn, +93% YoY) and NPAT-MI of VND750bn (USD33mn, +63% YoY). This upbeat performance was mainly underpinned by stronger deliveries of pre-sold units and resilient growth of brokerage services over the first nine months. Overall, we expect to revise up our 2018 projections for the stronger-than-expected brokerage segment and higher-than-expected financial expenses, which would likely offset each other. As such, we anticipate no significant chan