External broker reports(aggregated public sources), Vietcap

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External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>We reiterate our BUY rating for NLG with a target price (TP) of VND45,800/share.</li><li>Our TP is unchanged as a higher Sol Garden valuation and the positive impact from rolling our TP forward to mid-2027 are offset by higher assumed capex for Waterpoint Phase 2 and a lower end-Q1 2026 net cash balance.</li><li>We forecast 2026F NPAT-MI of VND710bn (USD27mn; +1% YoY), while projecting 2026F core NPAT-MI (excluding one-off gains from the 2025 Izumi City stake sale and the Q1 2026 education land plot transfer) to surge 126% YoY, driven by ongoing handovers at Southgate and Can Tho, alongside the commencement of handovers for new phases at Izumi City, Mizuki Park, and Elyse Island in Q4 2026F.</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 with a target price (TP) of VND45,800/share.Our TP is unchanged as a higher Sol Garden valuation and the positive impact from rolling our TP forward to mid-2027 are offset by higher assumed capex for Waterpoint Phase 2 and a lower end-Q1 2026 net cash balance.We forecast 2026F NPAT-MI of VND710bn (USD27mn; +1% YoY), while projecting 2026F core NPAT-MI (excluding one-off gains from the 2025 Izumi City stake sale and the Q1 2026 education land plot transfer) to surge 126% YoY, driven by ongoing handovers at Southgate and Can Tho, alongside the commencement of handovers for new phases at Izumi City, Mizuki Park, and Elyse Island in Q4 2026F.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 +75.4%] - Accelerating Presales to Drive Core Earnings Growth

Nam Long Investment

NLG [BUY +75.4%] - Accelerating Presales to Drive Core Earnings Growth