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>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

<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

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

<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"><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 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

<ul><li>Nam Long Investment Corporation (NLG) reported 3Q24 revenue of VND370n (+4% YoY) and NPAToTP of -VND52bn (-179% YoY).</li><li>This brought 9M24 revenue to VND827 (-46% YoY) and NPAToTP to VND16bn (-92% YoY), achieving 12% and 3% of fiscal year targets, respectively. </li><li>NLG began the handover of Akari Phase 2 on October 27, with 1,707 units ready to deliver. </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 3Q24 revenue of VND370n (+4% YoY) and NPAToTP of -VND52bn (-179% YoY).This brought 9M24 revenue to VND827 (-46% YoY) and NPAToTP to VND16bn (-92% YoY), achieving 12% and 3% of fiscal year targets, respectively. NLG began the handover of Akari Phase 2 on October 27, with 1,707 units ready to deliver. 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 (NLG VN Equity - Hold) - 9M24 Earnings Update

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 - 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

Nam Long Investment Corporation (NLG VN Equity - Hold) - 9M24 Earnings Update

Nam Long Investment Corporation (NLG) reported 3Q24 revenue of VND370n (+4% YoY) and NPAToTP of -VND52bn (-179% YoY). This brought 9M24 revenue to...

Mirae Asset Securities

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