External broker reports(aggregated public sources), Vietcap

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Equity Bottom-Up

<ul><li>We reiterate our BUY rating for NLG and raise our target price (TP) by 35% to VND58,600/share.</li><li>Our higher TP is mainly due to (1) applying DCF to Waterpoint Phase 2 (vs P/B previously), and (2) higher valuations for the Paragon and Izumi City, given infrastructure improvements and an expected sentiment recovery in Dong Nai.</li><li>We forecast 2025F NPAT-MI of VND696bn (USD27mn; +34% YoY; +6% vs prior), supported by the Izumi City stake sale (higher estimated after-tax gain of VND319bn/USD12mn, accounting for 46% of 2025F NPAT-MI) and stronger Southgate handovers in H2 2025F.</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 reiterate our BUY rating for NLG and raise our target price (TP) by 35% to VND58,600/share.Our higher TP is mainly due to (1) applying DCF to Waterpoint Phase 2 (vs P/B previously), and (2) higher valuations for the Paragon and Izumi City, given infrastructure improvements and an expected sentiment recovery in Dong Nai.We forecast 2025F NPAT-MI of VND696bn (USD27mn; +34% YoY; +6% vs prior), supported by the Izumi City stake sale (higher estimated after-tax gain of VND319bn/USD12mn, accounting for 46% of 2025F NPAT-MI) and stronger Southgate handovers in H2 2025F.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 Group (NLG) - Market Recovery, Ready Land Bank to Power Presales Outlook

Nam Long Investment

Nam Long Group (NLG) - Market Recovery, Ready Land Bank to Power Presales Outlook