External broker reports(aggregated public sources), Vietcap

Vietcap

External broker reports(aggregated public sources)

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

Equity Bottom-Up

<ul><li>We reiterate our BUY rating for NLG and raise our target price (TP) slightly by 1% to VND52,100/share, mainly due to rolling our TP horizon forward to end-2026.</li><li>We forecast 2025F NPAT-MI of VND710bn (USD27mn; +37% YoY; +2% vs prior), with Q4 2025F earnings of VND356bn (USD13mn; 2.4x QoQ and -29% YoY) primarily driven by the gain from the Izumi City stake sale and continued handovers at the Southgate project.</li><li>We project 2026F NPAT-MI to be broadly stable vs 2025F, driven by higher YoY property handovers from the Southgate backlog, and Izumi City, as well as an expected gain from a potential commercial land sale.</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 and raise our target price (TP) slightly by 1% to VND52,100/share, mainly due to rolling our TP horizon forward to end-2026.We forecast 2025F NPAT-MI of VND710bn (USD27mn; +37% YoY; +2% vs prior), with Q4 2025F earnings of VND356bn (USD13mn; 2.4x QoQ and -29% YoY) primarily driven by the gain from the Izumi City stake sale and continued handovers at the Southgate project.We project 2026F NPAT-MI to be broadly stable vs 2025F, driven by higher YoY property handovers from the Southgate backlog, and Izumi City, as well as an expected gain from a potential commercial land sale.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 +39.4%] - Izumi City, Paragon to Drive Robust 2026F Presales Growth

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

Rong Viet Securities

RongViet is proud to have a research team of experienced and trustworthy people whose works are at all time governed by the codes of objectivity, integrity and client's best interest.

Looking at relevant, up-to-date information from multiple perspectives with the support of intensive data and analyses, RongViet's research is effective, practical and widely used for investing purposes.

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>We conduct a valuation report for NLG stock. Using the RNAV method, we determine the fair value of NLG at 42,895 VND/share.</li><li>Combined with a cash dividend of 500 VND/share, the total expected return in the next 12 months is 7.1%, based on the closing price on 19/09/2025.</li><li>We recommend an Accumulate for NLG stock.</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 conduct a valuation report for NLG stock. Using the RNAV method, we determine the fair value of NLG at 42,895 VND/share.Combined with a cash dividend of 500 VND/share, the total expected return in the next 12 months is 7.1%, based on the closing price on 19/09/2025.We recommend an Accumulate for NLG stock.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.

<ul><li>We reiterate our BUY rating for NLG and raise our target price (TP) by 35% to VND58,600/share.</li><li>Our higher TP is mainly due to (1) applying DCF to Waterpoint Phase 2 (vs P/B previously), and (2) higher valuations for the Paragon and Izumi City, given infrastructure improvements and an expected sentiment recovery in Dong Nai.</li><li>We forecast 2025F NPAT-MI of VND696bn (USD27mn; +34% YoY; +6% vs prior), supported by the Izumi City stake sale (higher estimated after-tax gain of VND319bn/USD12mn, accounting for 46% of 2025F NPAT-MI) and stronger Southgate handovers in H2 2025F.</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 and raise our target price (TP) by 35% to VND58,600/share.Our higher TP is mainly due to (1) applying DCF to Waterpoint Phase 2 (vs P/B previously), and (2) higher valuations for the Paragon and Izumi City, given infrastructure improvements and an expected sentiment recovery in Dong Nai.We forecast 2025F NPAT-MI of VND696bn (USD27mn; +34% YoY; +6% vs prior), supported by the Izumi City stake sale (higher estimated after-tax gain of VND319bn/USD12mn, accounting for 46% of 2025F NPAT-MI) and stronger Southgate handovers in H2 2025F.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.

Nam Long Group (NLG) - Market Recovery, Ready Land Bank to Power Presales Outlook

<ul><li>We reiterate our BUY rating for NLG and raise our target price (TP) by 35% to VND58,600/share.</li><li>Our higher TP is mainly due to (1) applying DCF to Waterpoint Phase 2 (vs P/B previously), and (2) higher valuations for the Paragon and Izumi City, given infrastructure improvements and an expected sentiment recovery in Dong Nai.</li><li>We forecast 2025F NPAT-MI of VND696bn (USD27mn; +34% YoY; +6% vs prior), supported by the Izumi City stake sale (higher estimated after-tax gain of VND319bn/USD12mn, accounting for 46% of 2025F NPAT-MI) and stronger Southgate handovers in H2 2025F. </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 and raise our target price (TP) by 35% to VND58,600/share.Our higher TP is mainly due to (1) applying DCF to Waterpoint Phase 2 (vs P/B previously), and (2) higher valuations for the Paragon and Izumi City, given infrastructure improvements and an expected sentiment recovery in Dong Nai.We forecast 2025F NPAT-MI of VND696bn (USD27mn; +34% YoY; +6% vs prior), supported by the Izumi City stake sale (higher estimated after-tax gain of VND319bn/USD12mn, accounting for 46% of 2025F NPAT-MI) and stronger Southgate handovers in H2 2025F. 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.

Nam Long Group (NLG ) - Market Recovery, Ready Land Bank to Power Presales Outlook

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

Mirae Asset Securities

Leading full-service brokerage firm in Vietnam. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Nam Long Investment Corporation (NLG) reported FY24 revenue of VND7,196bn (+126% YoY) and NPAT of the parent of VND484bn (+6% YoY).</li><li>The majority of revenue (72%) was driven from the handover of condominium units from Akari– Phase 2, followed by land lots deliveries in Can Tho Central Lake II (12%), villas and condos in Southgate (10%), and land lots in Izumi (3%).</li><li>In addition, the company reported profit of VND231bn from the disposal of a 25% stake in Paragon Dai Phuoc, as noted in our previous report</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>

Nam Long Investment Corporation (NLG) reported FY24 revenue of VND7,196bn (+126% YoY) and NPAT of the parent of VND484bn (+6% YoY).The majority of revenue (72%) was driven from the handover of condominium units from Akari– Phase 2, followed by land lots deliveries in Can Tho Central Lake II (12%), villas and condos in Southgate (10%), and land lots in Izumi (3%).In addition, the company reported profit of VND231bn from the disposal of a 25% stake in Paragon Dai Phuoc, as noted in our previous reportContent 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.

Nam Long Investment Corporation (NLG VN) - Pre-Sales Accelerate

Vietnam

Nam Long Investment Corp operates in the real estate investment and development industry. The Company offers apartment buildings, villas, resorts, office buildings, and more. Name Long Investment serves customers throughout the Country of Vietnam.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Nam Long Investment (NLG VN)

NLG [BUY +39.4%] - Izumi City, Paragon to Drive Robust 2026F Presales Growth

We reiterate our BUY rating for NLG and raise our target price (TP) slightly by 1% to VND52,100/share, mainly due to rolling our TP horizon forward...

Vietcap

NLG - Forward Position in the New Cycle

We conduct a valuation report for NLG stock. Using the RNAV method, we determine the fair value of NLG at 42,895 VND/share.

Rong Viet Securities

Nam Long Group (NLG) - Market Recovery, Ready Land Bank to Power Presales Outlook

We reiterate our BUY rating for NLG and raise our target price (TP) by 35% to VND58,600/share.Our higher TP is mainly due to (1) applying DCF to...

Vietcap

Nam Long Group (NLG ) - Market Recovery, Ready Land Bank to Power Presales Outlook

We reiterate our BUY rating for NLG and raise our target price (TP) by 35% to VND58,600/share. Our higher TP is mainly due to (1) applying DCF to...

Vietcap

Nam Long Investment Corporation (NLG VN) - Pre-Sales Accelerate

am Long Investment Corporation (NLG) reported FY24 revenue of VND7,196bn (+126% YoY) and NPAT of the parent of VND484bn (+6% YoY).

Mirae Asset Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)