External broker reports(aggregated public sources), Vietcap

Vietcap

External broker reports(aggregated public sources)

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<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

<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

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

Rong Viet Securities

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<ul><li>In 1Q2023, NLG had revenue of VND 231bn from real estate products (USD 8.3mn, -60% YoY), reflecting the difficulty of the market.</li><li>The revenue breakdown included VND 30bn from the handover of 12 units in Akari-Flora; VND134bn from the handover of the Southgate project; VND 11bn from other projects (Flora Novia) and VND 67bn from other services (including service charge, rental fees).</li><li>The company's NPAT came in at VND 16bn (-51% bn YoY) in 1Q23 and the NPAT-MI was VND 7BN (+980% YoY).</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 1Q2023, NLG had revenue of VND 231bn from real estate products (USD 8.3mn, -60% YoY), reflecting the difficulty of the market.The revenue breakdown included VND 30bn from the handover of 12 units in Akari-Flora; VND134bn from the handover of the Southgate project; VND 11bn from other projects (Flora Novia) and VND 67bn from other services (including service charge, rental fees).The company's NPAT came in at VND 16bn (-51% bn YoY) in 1Q23 and the NPAT-MI was VND 7BN (+980% YoY).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 - Being Patient: Preceding the Recovery

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)

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

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

NLG - Being Patient: Preceding the Recovery

In 1Q2023, NLG had revenue of VND 231bn from real estate products (USD 8.3mn, -60% YoY), reflecting the difficulty of the market.

Rong Viet Securities

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