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

Thematic (Sector/Industry)

<ul><li>Overview: JSCB for Investment and Development of Vietnam (BIDV), formerly known as Bank for Construction of Vietnam under the MoF, was established in 1957.</li><li>BIDV has been put into operation under the model of a JSCB since 2012. I</li><li>t has been listed on HOSE since 2014. By the end of 2022, its outstanding credit reached VND1.98qa, accounting for over 12.87% of the total credit in the economy, making it the market leader in credit market share.</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>

Overview: JSCB for Investment and Development of Vietnam (BIDV), formerly known as Bank for Construction of Vietnam under the MoF, was established in 1957.BIDV has been put into operation under the model of a JSCB since 2012. It has been listed on HOSE since 2014. By the end of 2022, its outstanding credit reached VND1.98qa, accounting for over 12.87% of the total credit in the economy, making it the market leader in credit market share.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.

Stock Recommendations (Vietnam Market) - October 2023

<ul><li>2022 was a challenging year for the real estate industry, as both demand and supply recoveries were weaker than we anticipated.</li><li>Contrary to expectations that the market will return to strong growth after the pandemic, the real estate industry is currently facing multiple new challenges, including the following:</li><li>Tightened bank credit: Although the State Bank increased its credit room, it was mostly reserved for the manufacturing sector.</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>

2022 was a challenging year for the real estate industry, as both demand and supply recoveries were weaker than we anticipated.Contrary to expectations that the market will return to strong growth after the pandemic, the real estate industry is currently facing multiple new challenges, including the following:Tightened bank credit: Although the State Bank increased its credit room, it was mostly reserved for the manufacturing sector.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.

Industry Report - Real estate - Negative - Waiting for a solution

Equity Bottom-Up

<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

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

Rong Viet Securities

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<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

<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

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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