DXG (Bluemarq Group) Plans 155.7M Bonus Shares, Q1 Profit Surges 173%

Overview

DXG (now Bluemarq Group) has announced a bonus share issuance of 155.7 million shares to raise charter capital to nearly VND 12,700 billion, funded from retained earnings and share premium. The move follows the company’s rebranding from Dat Xanh Group to Bluemarq Group. Separately, Q1/2026 net profit surged 173% year-on-year, reaching 80% of the full-year target.

Key Facts

• DXG will issue 155.7 million bonus shares, equivalent to 14% of outstanding shares.
• The issuance ratio is 100:14, meaning shareholders receive 14 new shares for every 100 held.
• Funding sources: VND 457.3 billion from retained earnings and VND 1,100 billion from share premium (based on audited 2025 consolidated financial statements).
• Charter capital will increase from VND 11,141 billion to nearly VND 12,700 billion.
• The issuance is expected to be completed in 2026, pending approval from the State Securities Commission.
• Q1/2026 net profit reached VND 214 billion, up 173% YoY, achieving 80% of the full-year target of VND 268 billion.
• Q1/2026 revenue was VND 1,467 billion, up 59% YoY, driven by apartment and land sales (VND 860 billion, +29%) and brokerage services (VND 604 billion, +200%).

What Happened

Bluemarq Group (formerly Dat Xanh Group, ticker DXG) has approved a plan to issue 155.7 million bonus shares to existing shareholders, as authorized at the 2026 Annual General Meeting. The shares are not subject to transfer restrictions. The company will use VND 457.3 billion from retained earnings and VND 1,100 billion from share premium to fund the issuance. The transaction is expected to close in 2026, subject to regulatory approval.

In addition, the company reported strong Q1/2026 results. Consolidated revenue rose 59% YoY to over VND 1,467 billion, with gross profit up 24% to VND 634 billion. Net profit after tax surged 173% to VND 214 billion, driven by higher interest income and brokerage fees. The company has already achieved 80% of its full-year net profit target of VND 268 billion.

The rebranding to Bluemarq Group took effect on May 6, 2026, and several ecosystem entities have also changed names, including Hà An Real Estate Investment and Business JSC (now Bluemarq Development) and Dat Xanh Commercial Investment JSC (now Bluemarq Asset Management). A new entity, Bluemarq Investment JSC, was established on April 22, 2026.

Market Context

DXG closed at VND 15,000 on April 15, 2026, down 0.33% with volume of 18.3 million shares. The stock trades on HOSE. The real estate sector has been under pressure from high interest rates and slow project approvals, but DXG’s Q1 results show resilience, particularly in brokerage services which tripled year-on-year. The bonus share issuance is likely to be viewed positively by retail investors, though dilution concerns may weigh on near-term sentiment.

Strategic Significance

The capital increase strengthens DXG’s equity base, supporting its expansion plans under the new Bluemarq brand. The rebranding signals a strategic shift toward asset management and development, as reflected in the creation of Bluemarq Asset Management and Bluemarq Investment. The strong Q1 performance, especially in brokerage, suggests the company is capturing market share in a recovering property market. However, the full-year net profit target of VND 268 billion implies a sharp slowdown in the remaining quarters, which investors should monitor.

What to Watch

• Approval timeline from the State Securities Commission for the bonus share issuance.
• Q2/2026 earnings release to see if the profit momentum continues or decelerates.
• Progress on new projects under the Bluemarq brand, particularly in the development segment.
• Any further restructuring or divestments within the ecosystem.
• Changes in foreign ownership limits, as the bonus shares may affect the foreign room.