DXS- The true underdog of Viet Nam Real estate playground.1. Technical Analysis (Chart-Based) HOSE:DXS
Trend & Structure
• Current Price: 12,550 VND
• Trend: The price has broken out above its medium-term base and is approaching the 14,650 VND resistance (marked on the chart)
• Moving Averages: The short-term MAs (5–20) are fanned out and sloping upward, confirming bullish momentum. The price is above the 150 SMA, indicating a mid-to-long-term uptrend.
• Volume: There’s a noticeable increase in volume in the recent rally, which suggests accumulation and confirms the breakout strength.
Support & Resistance Levels
• Immediate Support: 11,550 VND – aligns with recent consolidation area and the tenkan support
• Major Support: 9,869 VND – strong base from which the breakout started.
• Immediate Resistance: 14,650 VND – previous swing high from 2022 or if you use ichimokou it align well with the past Kumo cloud that represents a huge supply zone there. Institute holders and long term investors tends to sell around that area.
• Major Resistance: 17,100 VND – top of the 2022 distribution zone.
RSI
• RSI 14 at ~71.78 indicates the stock is in the overbought zone short term, which could cause a near-term pullback before resuming the uptrend but in Viet Nam this is considered a BUY zone.
Price Action Pattern
• The price is forming a Stage 2 (Mark Minervini) breakout from a long base after a prolonged Stage 1 accumulation.
• This setup is similar to a volatility contraction pattern (VCP), with tightening price swings and rising volume on breakouts. Furthermore the stock has proven to be a power play since it has doubled it price in 2025 so any breakout from the 52W high or Weekly high with an increasing in average volume around 2 to 3 times is perfect.
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2. Fundamental Analysis (Based on Provided Data)
Growth
• Revenue Q2/2025: 1,229.36 Bn VND (+75% YoY).
• Net Profit Q2/2025: 217.83 Bn VND (+472% YoY).
• Clear recovery in business performance from 2023 lows; profitability margins have improved sharply.
Profitability
• Gross Profit Margin: 47.62% (very strong for the sector). The reason for such low Gross profit margin like this is because DXS serves as a brokerage real estate house and doesnt actually own any real estate. Currently this is the only business in Viet Nam in term of providing brokerage real estate service so its safe to say the stock is top of it peers.
• ROE: 8.52% (improving but still room to grow vs. sector leaders).
• ROA: 5.20% (healthy, up from negative in 2023).
Valuation
• P/E: 2.16 (extremely low → market is still pricing in some risk or doubts about earnings sustainability).
• P/B: 1.17 (reasonable, slightly undervalued if recovery sustains).
Balance Sheet
• Cash & Equivalents: ~394.90 Bn VND.
• Debt: No major long-term debt issues visible in the snapshot.
• Inventory & Receivables: Manageable, though accounts receivable is large, which is common in real estate brokerage. With over 9k Bn worth of Receivable for a Real Estate brokerage service, i can see a lot of sudden Profit buffing in the next quarters. Plus the Real estate market is warming up here due to huge outflow of pumping credit from the government so we could see the business can do well in the future.
Risk Factors
• Midcap so price volatility needs to be included in your trading plan. Tight stoploss is a must. HOSE:DXS HOSE:DXS
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3. Trading Plan
Entry Zone:
• Anywhere in 12,000–12,500 VND range is acceptable if volume supports the move.
Stop Loss:
• 11,550 VND (below immediate support). This is ~8% risk from 12,550 VND.
Targets:
• TP1: 14,650 VND (+16–17% from entry). Partial profit-taking here.
• TP2: 17,100 VND (+36% from entry). Let the rest run if momentum continues.
Risk/Reward:
• R/R ~ 1:2.1 to TP1, 1:4.5 to TP2 → favorable setup.
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4. Summary
• Technical: Stage 2 breakout after long accumulation, supported by rising volume. Near-term overbought but strong structure.
• Fundamental: Earnings recovery is clear, margins are healthy, and valuation is still low compared to growth potential.
• Execution: Buy near 12,000–12,500 VND, stop loss at 11,550 VND, targets at 14,650 VND and 17,100 VND.
If price consolidates above 12,500 VND with low volume, it could offer a secondary entry before targeting 14,650 VND.
