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

Mirae Asset Securities

External broker reports(aggregated public sources)

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>2022 was a challenging year for the real estate industry, as both demand and supply recoveries were weaker than we anticipated.</li><li>Contrary to expectations that the market will return to strong growth after the pandemic, the real estate industry is currently facing multiple new challenges, including the following:</li><li>Tightened bank credit: Although the State Bank increased its credit room, it was mostly reserved for the manufacturing sector.</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>

2022 was a challenging year for the real estate industry, as both demand and supply recoveries were weaker than we anticipated.Contrary to expectations that the market will return to strong growth after the pandemic, the real estate industry is currently facing multiple new challenges, including the following:Tightened bank credit: Although the State Bank increased its credit room, it was mostly reserved for the manufacturing sector.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.

Industry Report - Real estate - Negative - Waiting for a solution

Viet Capital Securities Joint Stock Company

Luan Nguyen

<div class="content-highlight">
<p>On November 14, 2016, Mr. Trinh Van Quyet, FLC Group JSC’s Chairman of the Board has become the richest man on Vietnam’s stock market.</p>
<p>By the end of the trading session of November 14, ROS stock closed at VND116,200/share, with an increase of VND7,500/share; FLC stock closed at VND7,010/share. ROS’ price increased 6 times within 4 months.</p>
</div><p>Accordingly, with the ownership of nearly 279.559 million shares of Faros Construction JSC (ROS) and nearly 108.86 million shares of FLC, the total value of Mr…</p>


On November 14, 2016, Mr. Trinh Van Quyet, FLC Group JSC’s Chairman of the Board has become the richest man on Vietnam’s stock market.
By the end of the trading session of November 14, ROS stock closed at VND116,200/share, with an increase of VND7,500/share; FLC stock closed at VND7,010/share. ROS’ price increased 6 times within 4 months.
Accordingly, with the ownership of nearly 279.559 million shares of Faros Construction JSC (ROS) and nearly 108.86 million shares of FLC, the total value of Mr…

Trinh Van Quyet Becomes the Richest Billionaire on Vietnam's Stock Market

Frontier and emerging markets (Vietnam)

Dylan Waller

Nomadic Equity

<p>A strong weighting in listed real estate equity is ideal for a portfolio in Vietnam, as the country's rapidly increasing FDI has been strongly targeting this industry.  Valuation is very low for a large number of these companies, and financial growth during 2015 was stellar.  Some of the most strategic projects include residential projects outside of Ho Chi Minh City's central business district, as well as other developments in central and northern Vietnam.  Constructing a portfolio of listed equity to fully capture the trends of Vietnam's diverse growth in this area is ideal.   When noting these strong trends of growth, it is also significant to mention that this area also provides benefits for various manufacturing sectors in Vietnam, in areas such as plastic manufacturing, steel manufacturing, and tile manufacturing.  This factor should be noted when considering an appropriate weighting for this industry, which currently stands as the 2nd most favorable sector for foreign investment.</p>

A strong weighting in listed real estate equity is ideal for a portfolio in Vietnam, as the country's rapidly increasing FDI has been strongly targeting this industry.  Valuation is very low for a large number of these companies, and financial growth during 2015 was stellar.  Some of the most strategic projects include residential projects outside of Ho Chi Minh City's central business district, as well as other developments in central and northern Vietnam.  Constructing a portfolio of listed equity to fully capture the trends of Vietnam's diverse growth in this area is ideal.   When noting these strong trends of growth, it is also significant to mention that this area also provides benefits for various manufacturing sectors in Vietnam, in areas such as plastic manufacturing, steel manufacturing, and tile manufacturing.  This factor should be noted when considering an appropriate weighting for this industry, which currently stands as the 2nd most favorable sector for foreign investment.

Vietnam's Real Estate Industry Is on Fire

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

Rong Viet Securities

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Equity Bottom-Up

<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><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 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.

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 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><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) 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

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)

Industry Report - Real estate - Negative - Waiting for a solution

2022 was a challenging year for the real estate industry, as both demand and supply recoveries were weaker than we anticipated.

Mirae Asset Securities

Trinh Van Quyet Becomes the Richest Billionaire on Vietnam's Stock Market

On November 14, 2016, Mr. Trinh Van Quyet, FLC Group JSC’s Chairman of the Board has become the richest man on Vietnam’s stock market. By the end...

Luan Nguyen

Vietnam's Real Estate Industry Is on Fire

A strong weighting in listed real estate equity is ideal for a portfolio in Vietnam, as the country's rapidly increasing FDI has been strongly...

Nomadic Equity

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

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