External broker reports(aggregated public sources), Vietcap

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External broker reports(aggregated public sources)

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<ul><li><p style="text-align: justify;"><span style="font-size: 16px; font-family: Manrope, system-ui, sans-serif;"><strong>New project preparations and launches have ramped up in 2024 YTD: </strong>The housing market in Vietnam bottomed out in 2023 and has since shown a gradual recovery in primary transactions, beginning in Q3 2023 and continuing throughout 2024 YTD, with the condo segment in Hanoi leading the recovery.</span></p></li><li>The rise in preparation activities for new project launches, along with ongoing improvement in homebuyer confidence in 2024 YTD, reaffirms our expectation for growth in primary property transactions in 2024F vs 2023.</li><li><p style="text-align: justify;"><span style="font-family: Manrope,system-ui,sans-serif;"><span style="font-size: 16px;"><strong>We project market transactions to strengthen in Q4 2024 and 2025</strong>, led by our expectations for: (1) sustained demand for real living purposes, particularly targeting mid-end condo projects; (2) a return of investment buyers to select landed property products; (3) growth in new primary supply driven by more project launches and smoother legal procedures; and (4) improving homebuyer confidence, driven by the continuous recovery of the overall property market, a stable mortgage rate outlook, and the acceleration of key infrastructure development.</span></span></p></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>

New project preparations and launches have ramped up in 2024 YTD: The housing market in Vietnam bottomed out in 2023 and has since shown a gradual recovery in primary transactions, beginning in Q3 2023 and continuing throughout 2024 YTD, with the condo segment in Hanoi leading the recovery.The rise in preparation activities for new project launches, along with ongoing improvement in homebuyer confidence in 2024 YTD, reaffirms our expectation for growth in primary property transactions in 2024F vs 2023.We project market transactions to strengthen in Q4 2024 and 2025, led by our expectations for: (1) sustained demand for real living purposes, particularly targeting mid-end condo projects; (2) a return of investment buyers to select landed property products; (3) growth in new primary supply driven by more project launches and smoother legal procedures; and (4) improving homebuyer confidence, driven by the continuous recovery of the overall property market, a stable mortgage rate outlook, and the acceleration of key infrastructure development.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 Residential Real Estate Sector Flash - Market Transactions to Strengthen in Q4 2024 and 2025

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

Mirae Asset Securities

Leading full-service brokerage firm in Vietnam. 

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<ul><li>HSX recently announced updates to VN30 Index, VNDiamond Index, and VNFin Lead Index components, including changes in stocks and calculation factors.</li><li>The new indexes will take effect on November 4, 2024, with rebalancing set for November 1.</li><li>ETFs tracking these indexes will adjust their portfolios from October 28 to November 1.</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>

HSX recently announced updates to VN30 Index, VNDiamond Index, and VNFin Lead Index components, including changes in stocks and calculation factors.The new indexes will take effect on November 4, 2024, with rebalancing set for November 1.ETFs tracking these indexes will adjust their portfolios from October 28 to November 1.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.

Equity Bottom-Up

<ul><li>Nam Long Investment Corporation (NLG) reported 1HY24 revenue of VND456n (- 61.5% YoY) and NPAT of the parent of VN68bn (-47% YoY), with villas and condominium units from Southgate accounting for the majority of revenue (59%).</li><li>Notably, after a prolonged period of time, NLG has completed the transfer of a 25% stake in Paragon Dai Phuoc to Nishi Nippon, thus reporting financial income of VND230bn.</li><li>In addition, Mizuki continued contributing earnings to the company, with VND67bn (-41% YoY) in 1H24. </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>

Nam Long Investment Corporation (NLG) reported 1HY24 revenue of VND456n (- 61.5% YoY) and NPAT of the parent of VN68bn (-47% YoY), with villas and condominium units from Southgate accounting for the majority of revenue (59%).Notably, after a prolonged period of time, NLG has completed the transfer of a 25% stake in Paragon Dai Phuoc to Nishi Nippon, thus reporting financial income of VND230bn.In addition, Mizuki continued contributing earnings to the company, with VND67bn (-41% YoY) in 1H24. 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 Investment Corporation - 1H24 Earnings Update

<ul><li>On October 21, the Ho Chi Minh City Stock Exchange (HSX) will release the changes to the constituent stocks and calculation factors for VNDiamond Index baskets with these adjustments, effective from November 4, 2024.</li><li>Consequently, November 1, 2024 will be the last trading day for ETFs, following the VN-Diamond Index’s rebalancing of their portfolios</li><li>HSX has approved Decision No. 502/QD-SGDHCM, which replaces version 2.1 with version 3.0 of the "Vietnam Diamond Index" construction and management rules, effective from the October 2024 review period.</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>

On October 21, the Ho Chi Minh City Stock Exchange (HSX) will release the changes to the constituent stocks and calculation factors for VNDiamond Index baskets with these adjustments, effective from November 4, 2024.Consequently, November 1, 2024 will be the last trading day for ETFs, following the VN-Diamond Index’s rebalancing of their portfoliosHSX has approved Decision No. 502/QD-SGDHCM, which replaces version 2.1 with version 3.0 of the "Vietnam Diamond Index" construction and management rules, effective from the October 2024 review period.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.

Forecast VNDiamond Index Review in 4Q24 - Sep 26, 2024

<ul>
<li>In H1 2024, KDH surpassed our previous expectations for its undisclosed land plot sales and gross margin.</li>
<li>NLG's earnings and DXG/DXS's brokerage segment performance aligned with our expectations for H1 2024.</li>
<li>DXG/DXS’s project development year to date has fallen short of our previous expectations. </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>


In H1 2024, KDH surpassed our previous expectations for its undisclosed land plot sales and gross margin.
NLG's earnings and DXG/DXS's brokerage segment performance aligned with our expectations for H1 2024.
DXG/DXS’s project development year to date has fallen short of our previous expectations. 

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.

Residential Developers (KDH, NLG, DXG, and DXS) - Presales Improvement to Continue in H2 2024

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.

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Nam Long Investment (NLG VN)

Vietnam Residential Real Estate Sector Flash - Market Transactions to Strengthen in Q4 2024 and 2025

The housing market in Vietnam bottomed out in 2023 and has since shown a gradual recovery in primary transactions, beginning in Q3 2023 and...

Vietcap

ETFs Monitor in 4Q24

HSX recently announced updates to VN30 Index, VNDiamond Index, and VNFin Lead Index components, including changes in stocks and calculation factors.

Mirae Asset Securities

Nam Long Investment Corporation - 1H24 Earnings Update

Please change this text!Nam Long Investment Corporation (NLG) reported 1HY24 revenue of VND456n (- 61.5% YoY) and NPAT of the parent of VN68bn (...

Mirae Asset Securities

Forecast VNDiamond Index Review in 4Q24 - Sep 26, 2024

On October 21, the Ho Chi Minh City Stock Exchange (HSX) will release the changes to the constituent stocks and calculation factors for VNDiamond...

Mirae Asset Securities

Residential Developers (KDH, NLG, DXG, and DXS) - Presales Improvement to Continue in H2 2024

In H1 2024, KDH surpassed our previous expectations for its undisclosed land plot sales and gross margin. NLG's earnings and DXG/DXS's brokerage...

Vietcap

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