External broker reports(aggregated public sources), Rong Viet Securities

Rong Viet Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>In Q2/2026, NLG recorded net revenue of VND 415 bn (-67.5% QoQ, -46.3% YoY), significantly lower than our forecast.</li><li>The GPM reached 57%, thanks to a delivery mix skewed toward land plots and low-rise units, along with contributions from the leasing service segment (VND 136 bn).</li><li>Financial income reached VND 91 bn (+109.7% YoY) due to large cash deposits. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

In Q2/2026, NLG recorded net revenue of VND 415 bn (-67.5% QoQ, -46.3% YoY), significantly lower than our forecast.The GPM reached 57%, thanks to a delivery mix skewed toward land plots and low-rise units, along with contributions from the leasing service segment (VND 136 bn).Financial income reached VND 91 bn (+109.7% YoY) due to large cash deposits. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

NLG - Delivery cycle begins, providing a foundation for profit from Q4

<ul><li>Net revenue reached 1,279 bn VND (-25% QoQ, -1% YoY), primarily recorded from RE handovers (734 bn VND) from Valora Southgate (421 bn VND) and Can Tho (155 bn VND) projects.</li><li>Additionally, the company recorded 490 bn VND in revenue from the transfer of the EMASI school project at Waterpoint.</li><li>The GPM decreased to 30% (compared to 46% in Q4/2025) due to the mix of residential handover activities and commercial project transfers. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Net revenue reached 1,279 bn VND (-25% QoQ, -1% YoY), primarily recorded from RE handovers (734 bn VND) from Valora Southgate (421 bn VND) and Can Tho (155 bn VND) projects.Additionally, the company recorded 490 bn VND in revenue from the transfer of the EMASI school project at Waterpoint.The GPM decreased to 30% (compared to 46% in Q4/2025) due to the mix of residential handover activities and commercial project transfers. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

NLG - A Multi-Segment Product Portfolio Is Expected to Boost Sales

External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

Mirae Asset Securities Co.,Ltd. provides comprehensive wealth management services. The Company offers fixed income securities brokerage, securities dealing, equity underwriting, and other services. Mirae Asset Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives

Thematic (Sector/Industry)

<ul><li>On Oct 19, the Ho Chi Minh City Stock Exchange (HSX) will officially announce the results of the semi-annual review of the VNDiamond Index, with the revised basket taking effect on Nov 02, 2026.</li><li>Accordingly, Oct 30 will be the final trading day for ETFs tracking the index to complete their portfolio rebalancing.</li><li>In this review, KDH – previously placed on the watchlist for removal, due to its failure to satisfy the minimum foreign holding threshold of 65% (Section 3.7) – may be completely removed from the index, as it continues to fall short of this requirement.</li></ul><div class="content-highlight">Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</div>

On Oct 19, the Ho Chi Minh City Stock Exchange (HSX) will officially announce the results of the semi-annual review of the VNDiamond Index, with the revised basket taking effect on Nov 02, 2026.Accordingly, Oct 30 will be the final trading day for ETFs tracking the index to complete their portfolio rebalancing.In this review, KDH – previously placed on the watchlist for removal, due to its failure to satisfy the minimum foreign holding threshold of 65% (Section 3.7) – may be completely removed from the index, as it continues to fall short of this requirement.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

External broker reports(aggregated public sources), Vietcap

Vietcap

We specialize in consulting both individual and institutional clients, providing them with effective financial solutions that are tailored to their specific needs.

<ul><li>We reiterate our BUY rating for NLG with a target price (TP) of VND45,800/share.</li><li>Our TP is unchanged as a higher Sol Garden valuation and the positive impact from rolling our TP forward to mid-2027 are offset by higher assumed capex for Waterpoint Phase 2 and a lower end-Q1 2026 net cash balance.</li><li>We forecast 2026F NPAT-MI of VND710bn (USD27mn; +1% YoY), while projecting 2026F core NPAT-MI (excluding one-off gains from the 2025 Izumi City stake sale and the Q1 2026 education land plot transfer) to surge 126% YoY, driven by ongoing handovers at Southgate and Can Tho, alongside the commencement of handovers for new phases at Izumi City, Mizuki Park, and Elyse Island in Q4 2026F.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We reiterate our BUY rating for NLG with a target price (TP) of VND45,800/share.Our TP is unchanged as a higher Sol Garden valuation and the positive impact from rolling our TP forward to mid-2027 are offset by higher assumed capex for Waterpoint Phase 2 and a lower end-Q1 2026 net cash balance.We forecast 2026F NPAT-MI of VND710bn (USD27mn; +1% YoY), while projecting 2026F core NPAT-MI (excluding one-off gains from the 2025 Izumi City stake sale and the Q1 2026 education land plot transfer) to surge 126% YoY, driven by ongoing handovers at Southgate and Can Tho, alongside the commencement of handovers for new phases at Izumi City, Mizuki Park, and Elyse Island in Q4 2026F.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

NLG [BUY +75.4%] - Accelerating Presales to Drive Core Earnings Growth

<ul><li>Q4/2025 business results: Net revenue reached VND 1,704 billion (-9% QoQ, -73% YoY), recorded mainly from the handovers at Valora Southgate, Akari 2 and Nam Long Can Tho.</li><li>However, the main highlight lies in the financial revenue of VND 489 billion from the transfer of 15% of capital at the Izumi City project, helping the NPAT-MI reaching VND 348 billion (+138% QoQ, - 31% YoY).</li><li>Gross profit margin remained positive at 46% thanks to a diversified structure of handover products (low-rise, high-rise and land plots). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Q4/2025 business results: Net revenue reached VND 1,704 billion (-9% QoQ, -73% YoY), recorded mainly from the handovers at Valora Southgate, Akari 2 and Nam Long Can Tho.However, the main highlight lies in the financial revenue of VND 489 billion from the transfer of 15% of capital at the Izumi City project, helping the NPAT-MI reaching VND 348 billion (+138% QoQ, - 31% YoY).Gross profit margin remained positive at 46% thanks to a diversified structure of handover products (low-rise, high-rise and land plots). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

NLG - Handover Revenue Continues to Come from Existing Projects

Vietnam

Nam Long Investment Corporation is a Vietnamese real estate developer specializing in residential projects, including urban areas, apartments, villas, and townhouses. The company also engages in civil and industrial construction, housing renovation, and real estate management and brokerage services. Founded in 1992, its headquarters are in Ho Chi Minh City, Vietnam.

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Nam Long Investment (NLG VN)

NLG - Delivery cycle begins, providing a foundation for profit from Q4

The GPM reached 57%, thanks to a delivery mix skewed toward land plots and low-rise units, along with contributions from the leasing service...

Rong Viet Securities

NLG - A Multi-Segment Product Portfolio Is Expected to Boost Sales

Net revenue reached 1,279 bn VND (-25% QoQ, -1% YoY), primarily recorded from RE handovers (734 bn VND) from Valora Southgate (421 bn VND) and Can...

Rong Viet Securities

Forecast – HoSE Indexes review in 4Q26

On Oct 19, the Ho Chi Minh City Stock Exchange (HSX) will officially announce the results of the semi-annual review of the VNDiamond Index, with...

Mirae Asset Securities

NLG [BUY +75.4%] - Accelerating Presales to Drive Core Earnings Growth

Our TP is unchanged as a higher Sol Garden valuation and the positive impact from rolling our TP forward to mid-2027 are offset by higher assumed...

Vietcap

NLG - Handover Revenue Continues to Come from Existing Projects

Q4/2025 business results: Net revenue reached VND 1,704 billion (-9% QoQ, -73% YoY), recorded mainly from the handovers at Valora Southgate, Akari...

Rong Viet Securities

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