MBS recommends a buy rating for DXG shares.

SKĐS - MBS Securities has included DXG shares in its buy recommendation list based on its growth potential in the period up to 2026.

According to MBS's report, in Q1/26, Bluemarq Group (stock code: DXG) achieved revenue of VND 1,467 billion thanks to a 29% increase in project development compared to the same period last year and a 208% increase in brokerage revenue from the distribution of products at the Prive project.

However, DXG's gross profit margin decreased sharply by 9 percentage points year-on-year to 46.6%, amidst a decline of 18 percentage points in the real estate segment due to lower selling prices as suburban townhouses had low liquidity, and a 14 percentage point decrease in the brokerage segment.

Amid rising advertising costs for the project, sales expenses increased by 58%, reaching 231 billion VND.

MBS recommends buying DXG shares (illustrative image).

Due to a decrease in gross profit margin and a sharp increase in selling expenses, net profit only reached VND 38 billion (-21% compared to the same period last year).

MBS predicts that in the period 2026-2027, DXG's net profit is projected to increase by 62%/97% thanks to the handover of the GSW and Prive projects.

Specifically, in the period 2026-2027, pre-sale growth could come from the launch of the next phase at GSW (approximately 200 low-rise units) and Prive (phases 2-3: 2,000 units).

Thanks to the increasingly improved infrastructure in Dong Nai and the sustained high demand for residential apartments in Ho Chi Minh City, pre-sales are projected to increase by 62% in 2026.

For the project development segment, DXG's revenue comes from handing over the sold phases of GSW (450 units) and approximately 250 units in phase 1 at Prive. As a result, DXG's revenue is projected to reach VND 2,498 billion (+11%) and VND 4,160 billion (+67%) in 2026-2027.

In addition, DXG's brokerage segment, thanks to large brokerage contracts and improved real estate transaction volume amidst major developers actively launching new projects, saw revenue growth of 20% and 15% respectively. As a result, net profit was recorded at VND 373 billion (+62%) and VND 734 billion (+97%) in 2026-2027.

Based on the above analysis, MBS recommends a positive outlook for DXG shares with a target price of VND 20,800/share.

Source: https://suckhoedoisong.vn/mbs-khuyen-nghi-mua-doi-voi-co-phieu-dxg-16926052007260333.htm