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 but cut our target price (TP) by 12% to VND45,800/share.</li><li>Our lower TP is mainly due to 1) more conservative project-level assumptions to support absorption amid higher interest rates</li><li>2) extending the presales timeline for the unlaunched Waterpoint P2 project</li></ul><p><em>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.</em></p>

We reiterate our BUY rating for NLG but cut our target price (TP) by 12% to VND45,800/share.Our lower TP is mainly due to 1) more conservative project-level assumptions to support absorption amid higher interest rates2) extending the presales timeline for the unlaunched Waterpoint P2 projectContent 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 +90.9%] - Strong Backlog to Drive Core Earnings; Compelling Valuation

<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><p><em>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.</em></p>

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), 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>The Ho Chi Minh Stock Exchange (HSX) has announced updated component securities for the VN30 and VNFin Lead Indices in the semi-annual review, as well as the updated weights for the VNDiamond Index, with the official effective date set for 03 August 2026.</li><li>Accordingly, ETFs tracking these indices are expected to carry out portfolio rebalancing, with the bulk of execution concentrated on July 31.</li><li>Across the four ETFs tracking the VN30 Index (E1VFVN30, FUEMAV30, FUEKIV30 and FUESSV30), selling pressure is concentrated in bank stocks, led by TPB (-5.7mn shares), followed by VIB, LPB and ACB. </li></ul><div class="content-highlight"><em>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.</em></div>

The Ho Chi Minh Stock Exchange (HSX) has announced updated component securities for the VN30 and VNFin Lead Indices in the semi-annual review, as well as the updated weights for the VNDiamond Index, with the official effective date set for 03 August 2026.Accordingly, ETFs tracking these indices are expected to carry out portfolio rebalancing, with the bulk of execution concentrated on July 31.Across the four ETFs tracking the VN30 Index (E1VFVN30, FUEMAV30, FUEKIV30 and FUESSV30), selling pressure is concentrated in bank stocks, led by TPB (-5.7mn shares), followed by VIB, LPB and ACB. 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>Credit growth continued to expand positively in 3Q25. As of 9M25, total bank credit rose 12.3% YoY (vs. 7.2% in 2Q25).</li><li>Although this pace remains somewhat below the sector average, the divergence is not unusual given the bank’s diversified earnings base.</li><li>For 2025, total credit is expected to grow 15.6% YoY (+1.2%p from the previous forecast) to around VND1.7qa, followed by a moderated expansion of 12.2% YoY in 2026 (unchanged from the prior projection). </li></ul><div class="content-highlight"><em>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.</em></div>

Credit growth continued to expand positively in 3Q25. As of 9M25, total bank credit rose 12.3% YoY (vs. 7.2% in 2Q25).Although this pace remains somewhat below the sector average, the divergence is not unusual given the bank’s diversified earnings base.For 2025, total credit is expected to grow 15.6% YoY (+1.2%p from the previous forecast) to around VND1.7qa, followed by a moderated expansion of 12.2% YoY in 2026 (unchanged from the prior projection). 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.

Stock recommendations (Vietnam Market)_January 2026

<ul><li>In this review, VIB – previously placed on the watchlist for removal, due to its failure to satisfy the minimum FOL threshold of 65% (Section 3.7) – may be completely removed from the index, as it continues to fall short of this requirement.</li><li>In the past, the restriction stemmed from VIB actively lowering its foreign room to 5% (from 21%) after its strategic shareholder’s divestment, with plans to reopen it upon onboarding new strategic foreign investors.</li><li>Until now, VIB has not provided any official disclosure on whether this restriction will be eased in the near term. </li></ul><div class="content-highlight"><em>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.</em></div>

In this review, VIB – previously placed on the watchlist for removal, due to its failure to satisfy the minimum FOL threshold of 65% (Section 3.7) – may be completely removed from the index, as it continues to fall short of this requirement.In the past, the restriction stemmed from VIB actively lowering its foreign room to 5% (from 21%) after its strategic shareholder’s divestment, with plans to reopen it upon onboarding new strategic foreign investors.Until now, VIB has not provided any official disclosure on whether this restriction will be eased in the near term. 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.

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.

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 +90.9%] - Strong Backlog to Drive Core Earnings; Compelling Valuation

Our lower TP is mainly due to 1) more conservative project-level assumptions to support absorption amid higher interest rates

Vietcap

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

ETFs Monitor in 3Q26

Accordingly, ETFs tracking these indices are expected to carry out portfolio rebalancing, with the bulk of execution concentrated on July 31.

Mirae Asset Securities

Stock recommendations (Vietnam Market)_January 2026

Although this pace remains somewhat below the sector average, the divergence is not unusual given the bank’s diversified earnings base.

Mirae Asset Securities

Forecast – HoSE Indexes Review in 4Q25

In this review, VIB – previously placed on the watchlist for removal, due to its failure to satisfy the minimum FOL threshold of 65% (Section 3.7)

Mirae Asset Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)