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 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

NP (21E, VND bn) 1,380 Shares outstanding (mn) 285<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>

NP (21E, VND bn) 1,380 Shares outstanding (mn) 285Content 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) - Update - Earnings to be recorded in 2H21

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

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<p>After a long time of accumulation land bank, in 2018, Nam Long has come into the final step of implementing the Waterpoint project - the largest project in NLG’s land bank. In addition, after the successful launch of the Mizuki Park project, the company will be busy on developing other new projects such as Akari City and Flora Keshi, creating momentum for Nam Long in the coming years.<br>As same as previous projects, NLG continues to privilege a 50:50 strategic partnership with Japanese partners. We…</p>

After a long time of accumulation land bank, in 2018, Nam Long has come into the final step of implementing the Waterpoint project - the largest project in NLG’s land bank. In addition, after the successful launch of the Mizuki Park project, the company will be busy on developing other new projects such as Akari City and Flora Keshi, creating momentum for Nam Long in the coming years. As same as previous projects, NLG continues to privilege a 50:50 strategic partnership with Japanese partners. We…

[Result Update] NLG - Unlock Huge Clean Land Bank

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 (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

Nam Long Investment Corporation (NLG VN Equity / Hold) - Update - Earnings to be recorded in 2H21

NP (21E, VND bn) 1,380 Shares outstanding (mn) 285

Mirae Asset Securities

[Result Update] NLG - Unlock Huge Clean Land Bank

After a long time of accumulation land bank, in 2018, Nam Long has come into the final step of implementing the Waterpoint project - the largest...

Rong Viet Securities

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