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DXG - Solid deliveries boost Q1 growth - Earnings Flash

DXG posted overall positive results for Q1 2018, mainly driven by solid residential sales. While each segment underperformed our expectations due to delayed revenue recognition, this was partly offset by a one-off financial gain on a stake divestment of its Sai Dong project. Therefore, we will likely maintain our current 2018F bottom-line forecast and expect no significant change to our valuation and target price for DXG.