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>In Q2023, NLG had revenue of VND 231 bn form real estate products (USD 8.3mn, - 60% YoY), reflecting the difficulty in the market.</li><li>The revenue's breakdown included VND 30bn from the handover of 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% YoY). NLG has recognized a net loss of VND 19 bn in EBIT, but offset by profit from associates,  with VND 78bn from Mizuki Park (handing over 413 apartments in blocks MP6-7-8).</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 Q2023, NLG had revenue of VND 231 bn form real estate products (USD 8.3mn, - 60% YoY), reflecting the difficulty in the market.The revenue's breakdown included VND 30bn from the handover of 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% YoY). NLG has recognized a net loss of VND 19 bn in EBIT, but offset by profit from associates,  with VND 78bn from Mizuki Park (handing over 413 apartments in blocks MP6-7-8).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

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 1H23 revenue of VND1,188n (-35% YoY) and NPAT of the parent of VN127bn (+15% YoY).</li><li>The majority of reported revenue came from the handover of Waterpoint, at a value of VND931bn (88 units).</li><li>Although reported revenue fell quite significantly, NPAT advanced slightly, thanks to the higher gross margin (from 44% to 61% YoY) of Waterpoint’s townhouse and villa products. </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 1H23 revenue of VND1,188n (-35% YoY) and NPAT of the parent of VN127bn (+15% YoY).The majority of reported revenue came from the handover of Waterpoint, at a value of VND931bn (88 units).Although reported revenue fell quite significantly, NPAT advanced slightly, thanks to the higher gross margin (from 44% to 61% YoY) of Waterpoint’s townhouse and villa products. 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 / Hold) - Pre-Sales Remained Challenging

<ul><li>Nam Long Investment Corporation (NLG) reported FY22 revenue of VND4,339n (-17% YoY) and NPAT of the parent of VN556bn (-48% YoY).</li><li>Real estate–related products accounted for the majority of revenue, at VND4,038bn, as follows: Flora Akari, VND1,020bn; Southgate, VND2,517bn; and Ehome Southgate, VND354bn.</li><li>In 1Q23: the company reported 1Q23 revenue of VND235bn (-60% YoY) and NPAT of VN16bn (-50% YoY).</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 FY22 revenue of VND4,339n (-17% YoY) and NPAT of the parent of VN556bn (-48% YoY).Real estate–related products accounted for the majority of revenue, at VND4,038bn, as follows: Flora Akari, VND1,020bn; Southgate, VND2,517bn; and Ehome Southgate, VND354bn.In 1Q23: the company reported 1Q23 revenue of VND235bn (-60% YoY) and NPAT of VN16bn (-50% 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.

Nam Long Investment Corporation (NLG VN) - Gross Margin Boost from Izumi & Southgate

<ul>
<li>Nam Long Investment Corporation (NLG) reported 3Q22 revenue of VND881n (+483% YoY) and NPAT of the parent of VN8bn (-97% YoY), achieving 38% and 10% of the 2022 fiscal plan, respectively. Of this:</li>
<li>The majority of revenue (90%) came from the handover of apartments and houses in Akari and Southgate.</li>
<li>Earnings fell sharply YoY, due to the bargain purchase from the consolidation of Southgate JSC last year, while selling expenses surged eleven-fold at the same time.</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 3Q22 revenue of VND881n (+483% YoY) and NPAT of the parent of VN8bn (-97% YoY), achieving 38% and 10% of the 2022 fiscal plan, respectively. Of this:
The majority of revenue (90%) came from the handover of apartments and houses in Akari and Southgate.
Earnings fell sharply YoY, due to the bargain purchase from the consolidation of Southgate JSC last year, while selling expenses surged eleven-fold at the same time.

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 / Non-Rated) - Update - 3Q22 Earnings Results

<ul><li>We maintain our Buy rating and target price of VND62,000 for Nam Long Investment Corporation (NLG), based on the RNAV valuation method.</li><li>With six real estate projects currently launching and presales value of VND8,410bn in 1H22, we believe that NLG is currently underpriced and is thus an attractive investment opportunity.</li><li>Risk: The shortage of supply in the real estate market and the corporate bond market turmoil in 1H22, have combined to negatively impact investor sentiment.</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 maintain our Buy rating and target price of VND62,000 for Nam Long Investment Corporation (NLG), based on the RNAV valuation method.With six real estate projects currently launching and presales value of VND8,410bn in 1H22, we believe that NLG is currently underpriced and is thus an attractive investment opportunity.Risk: The shortage of supply in the real estate market and the corporate bond market turmoil in 1H22, have combined to negatively impact investor sentiment.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: Internal Strength Overcomes Challenges

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 - Being Patient: Preceding the Recovery

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

Rong Viet Securities

Nam Long Investment Corporation (NLG VN / Hold) - Pre-Sales Remained Challenging

Nam Long Investment Corporation (NLG) reported 1H23 revenue of VND1,188n (-35% YoY) and NPAT of the parent of VN127bn (+15% YoY).

Mirae Asset Securities

Nam Long Investment Corporation (NLG VN) - Gross Margin Boost from Izumi & Southgate

Nam Long Investment Corporation (NLG) reported FY22 revenue of VND4,339n (-17% YoY) and NPAT of the parent of VN556bn (-48% YoY).

Mirae Asset Securities

Nam Long Investment Corporation (NLG / Non-Rated) - Update - 3Q22 Earnings Results

Nam Long Investment Corporation (NLG) reported 3Q22 revenue of VND881n (+483% YoY) and NPAT of the parent of VN8bn (-97% YoY), achieving 38% and...

Mirae Asset Securities

Nam Long Investment Corporation: Internal Strength Overcomes Challenges

We maintain our Buy rating and target price of VND62,000 for Nam Long Investment Corporation (NLG), based on the RNAV valuation method. With six...

Mirae Asset Securities

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