External broker reports(aggregated public sources), Vietcap

Vietcap

External broker reports(aggregated public sources)

We specialize in consulting both individual and institutional clients, providing them with effective financial solutions that are tailored to their specific needs.

Equity Bottom-Up

Novaland Investment Group  / Equity Bottom-Up

<ul><li>We reinitiate our coverage of NVL with a BUY rating and a target price of VND20,000 per share.</li><li>NVL - once among the leading southern developers with major condo project launches in central-HCMC (2015–16) and later township and hospitality projects in the Dong Nai, Binh Thuan, and Ba Ria Vung Tau regions (2019) - entered restructuring amid a late-2022 liquidity squeeze from high leverage, market downturn, and pending project legal issues.</li><li>Since Q2 2025, NVL’s restructuring efforts have made more meaningful progress on key project legal matters.</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 reinitiate our coverage of NVL with a BUY rating and a target price of VND20,000 per share.NVL - once among the leading southern developers with major condo project launches in central-HCMC (2015–16) and later township and hospitality projects in the Dong Nai, Binh Thuan, and Ba Ria Vung Tau regions (2019) - entered restructuring amid a late-2022 liquidity squeeze from high leverage, market downturn, and pending project legal issues.Since Q2 2025, NVL’s restructuring efforts have made more meaningful progress on key project legal matters.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.

Novaland (NVL)  - Restructuring Gains to Accelerate Presales Recovery

External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

Leading full-service brokerage firm in Vietnam. 

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Thematic (Sector/Industry)

<ul><li>In recent months, China has introduced several policies to support and stabilize the property market, responding to challenges in the sector and aiming to restore confidence among buyers and investors.</li><li>Key measures announced over the last three months include: Mortgage rate adjustments: The People’s Bank of China (PBOC) mandated that commercial banks lower mortgage rates for first–time homebuyers and allow adjustments for existing mortgage rates (no lower than 30 bps below LPR), effective by end-October 2024.</li><li>The goal is to ease the financial burden on borrowers and stimulate demand in the housing 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>

In recent months, China has introduced several policies to support and stabilize the property market, responding to challenges in the sector and aiming to restore confidence among buyers and investors.Key measures announced over the last three months include: Mortgage rate adjustments: The People’s Bank of China (PBOC) mandated that commercial banks lower mortgage rates for first–time homebuyers and allow adjustments for existing mortgage rates (no lower than 30 bps below LPR), effective by end-October 2024.The goal is to ease the financial burden on borrowers and stimulate demand in the housing 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.

Sector Report - Recovery Is Not as Good as Expected, Challenges Remain Throughout 2025

<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

Vietnam

Novaland Investment Group Corporation operates as a real estate development and investment company. The Company provides urban, tourism, and industrial real estate development and management services. Novaland Investment Group serves customers in Vietnam.

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Novaland Investment Group (NVL VN)

Novaland (NVL) - Restructuring Gains to Accelerate Presales Recovery

NVL - once among the leading southern developers with major condo project launches in central-HCMC (2015–16) and later township and hospitality...

Vietcap

Sector Report - Recovery Is Not as Good as Expected, Challenges Remain Throughout 2025

China has introduced several policies to support and stabilize the property market, responding to challenges in the sector and aiming to restore...

Mirae Asset Securities

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

2022 was a challenging year for the real estate industry, as both demand and supply recoveries were weaker than we anticipated.

Mirae Asset Securities

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