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

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

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

<ul><li>Nam Long Investment Corporation (NLG) reported FY23 revenue of VND3,181n (-27% YoY) and NPAT of the parent of VN484bn (-12% YoY), with condominium units from Akari accounting for the majority of the revenue (91%).</li><li>In 1Q24, the company reported revenue of VND204bn (-13% YoY) and NPAT of -VND77bn (- 1,200% YoY).</li><li>We forecast presales at approximately VND5,000bn–6,000bn, equal to 55%–65% of the company’s presales plan, thanks to a varied landbank that includes products that range from affordable to high–end and luxury. </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 FY23 revenue of VND3,181n (-27% YoY) and NPAT of the parent of VN484bn (-12% YoY), with condominium units from Akari accounting for the majority of the revenue (91%).In 1Q24, the company reported revenue of VND204bn (-13% YoY) and NPAT of -VND77bn (- 1,200% YoY).We forecast presales at approximately VND5,000bn–6,000bn, equal to 55%–65% of the company’s presales plan, thanks to a varied landbank that includes products that range from affordable to high–end and luxury. 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 - Build on Trust

<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; VND 13bn from the handover of Southgate project;</li><li>VND 11bn from other projects (Flora Novia) and VND 67bn from other services (including service charge, rental fees). </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; VND 13bn from the handover of Southgate project;VND 11bn from other projects (Flora Novia) and VND 67bn from other services (including service charge, rental fees). 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>Nam Long Investment Corporation (NLG) reported 9M23 revenue of VND1,545n (-43% YoY) and NPAT of the parent of VN193bn (+62.7% YoY).</li><li>The majority of reported revenue came from the handover of Waterpoint, at a value of VND1,051bn (100 units), with the remainder coming from Akari, at VND55bn (20 units), and other revenue of VND238bn.</li><li>Despite the steep drop in revenue, NPAT was well–managed, thanks to the following:</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 9M23 revenue of VND1,545n (-43% YoY) and NPAT of the parent of VN193bn (+62.7% YoY).The majority of reported revenue came from the handover of Waterpoint, at a value of VND1,051bn (100 units), with the remainder coming from Akari, at VND55bn (20 units), and other revenue of VND238bn.Despite the steep drop in revenue, NPAT was well–managed, thanks to the following: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) - Pre-Sales Picked Up

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 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

Nam Long Investment Corporation - Build on Trust

Nam Long Investment Corporation (NLG) reported FY23 revenue of VND3,181n (-27% YoY) and NPAT of the parent of VN484bn (-12% YoY)

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

Nam Long Investment Corporation (NLG VN Equity - Hold) - Pre-Sales Picked Up

Nam Long Investment Corporation (NLG) reported 9M23 revenue of VND1,545n (-43% YoY) and NPAT of the parent of VN193bn (+62.7% YoY).

Mirae Asset Securities

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