External broker reports(aggregated public sources), Vietcap

Vietcap

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

External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>We reiterate our BUY rating for NLG and raise our target price (TP) slightly by 1% to VND52,100/share, mainly due to rolling our TP horizon forward to end-2026.</li><li>We forecast 2025F NPAT-MI of VND710bn (USD27mn; +37% YoY; +2% vs prior), with Q4 2025F earnings of VND356bn (USD13mn; 2.4x QoQ and -29% YoY) primarily driven by the gain from the Izumi City stake sale and continued handovers at the Southgate project.</li><li>We project 2026F NPAT-MI to be broadly stable vs 2025F, driven by higher YoY property handovers from the Southgate backlog, and Izumi City, as well as an expected gain from a potential commercial land sale.</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) slightly by 1% to VND52,100/share, mainly due to rolling our TP horizon forward to end-2026.We forecast 2025F NPAT-MI of VND710bn (USD27mn; +37% YoY; +2% vs prior), with Q4 2025F earnings of VND356bn (USD13mn; 2.4x QoQ and -29% YoY) primarily driven by the gain from the Izumi City stake sale and continued handovers at the Southgate project.We project 2026F NPAT-MI to be broadly stable vs 2025F, driven by higher YoY property handovers from the Southgate backlog, and Izumi City, as well as an expected gain from a potential commercial land sale.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 [BUY +39.4%] - Izumi City, Paragon to Drive Robust 2026F Presales Growth

Nam Long Investment

NLG [BUY +39.4%] - Izumi City, Paragon to Drive Robust 2026F Presales Growth