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

Rong Viet Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>In 1Q2023, NLG had revenue of VND 231bn from real estate products (USD 8.3mn, -60% YoY), reflecting the difficulty of the market.</li><li>The revenue breakdown included VND 30bn from the handover of 12 units in Akari-Flora; VND134bn from the handover of the 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% bn YoY) in 1Q23 and the NPAT-MI was VND 7BN (+980% YoY).</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 1Q2023, NLG had revenue of VND 231bn from real estate products (USD 8.3mn, -60% YoY), reflecting the difficulty of the market.The revenue breakdown included VND 30bn from the handover of 12 units in Akari-Flora; VND134bn from the handover of the 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% bn YoY) in 1Q23 and the NPAT-MI was VND 7BN (+980% YoY).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

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

Mirae Asset Securities

Leading full-service brokerage firm in Vietnam. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Nam Long Investment Corporation (NLG) reported FY23 revenue of VND3,181n (-27% YoY) and NPAT of the parent of VN484bn (-12% YoY), with condominium units from Akari accounting for the majority of the revenue (91%).</li><li>In 1Q24, the company reported revenue of VND204bn (-13% YoY) and NPAT of -VND77bn (- 1,200% YoY).</li><li>We forecast presales at approximately VND5,000bn–6,000bn, equal to 55%–65% of the company’s presales plan, thanks to a varied landbank that includes products that range from affordable to high–end and luxury. </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 FY23 revenue of VND3,181n (-27% YoY) and NPAT of the parent of VN484bn (-12% YoY), with condominium units from Akari accounting for the majority of the revenue (91%).In 1Q24, the company reported revenue of VND204bn (-13% YoY) and NPAT of -VND77bn (- 1,200% YoY).We forecast presales at approximately VND5,000bn–6,000bn, equal to 55%–65% of the company’s presales plan, thanks to a varied landbank that includes products that range from affordable to high–end and luxury. 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 - Build on Trust

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.

Thematic (Sector/Industry)

<ul>
<li>In H1 2024, KDH surpassed our previous expectations for its undisclosed land plot sales and gross margin.</li>
<li>NLG's earnings and DXG/DXS's brokerage segment performance aligned with our expectations for H1 2024.</li>
<li>DXG/DXS’s project development year to date has fallen short of our previous expectations. </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 H1 2024, KDH surpassed our previous expectations for its undisclosed land plot sales and gross margin.
NLG's earnings and DXG/DXS's brokerage segment performance aligned with our expectations for H1 2024.
DXG/DXS’s project development year to date has fallen short of our previous expectations. 

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.

Residential Developers (KDH, NLG, DXG, and DXS) - Presales Improvement to Continue in H2 2024

<ul><li>In 1Q2023, NLG had revenue of VND 231bn from real estate products (USD 8.3mn, - 60% YoY), reflecting the difficulty of the market.</li><li>The revenue breakdown included VND 30bn from the handover of  12 units in Akari - FLora; VND 13bn from the handover of Southgate project;</li><li>VND 11bn from other projects (Flora Novia) and VND 67bn from other services (including service charge, rental fees). </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 1Q2023, NLG had revenue of VND 231bn from real estate products (USD 8.3mn, - 60% YoY), reflecting the difficulty of the market.The revenue breakdown included VND 30bn from the handover of  12 units in Akari - FLora; VND 13bn from the handover of Southgate project;VND 11bn from other projects (Flora Novia) and VND 67bn from other services (including service charge, rental fees). 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.

<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

Vietnam

Nam Long Investment Corp operates in the real estate investment and development industry. The Company offers apartment buildings, villas, resorts, office buildings, and more. Name Long Investment serves customers throughout the Country of Vietnam.

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Nam Long Investment (NLG VN)

NLG - Being Patient: Preceding the Recovery

In 1Q2023, NLG had revenue of VND 231bn from real estate products (USD 8.3mn, -60% YoY), reflecting the difficulty of the market.

Rong Viet Securities

Nam Long Investment Corporation - Build on Trust

Nam Long Investment Corporation (NLG) reported FY23 revenue of VND3,181n (-27% YoY) and NPAT of the parent of VN484bn (-12% YoY)

Mirae Asset Securities

Residential Developers (KDH, NLG, DXG, and DXS) - Presales Improvement to Continue in H2 2024

In H1 2024, KDH surpassed our previous expectations for its undisclosed land plot sales and gross margin. NLG's earnings and DXG/DXS's brokerage...

Vietcap

NLG - Being Patient: Preceding the Recovery

In 1Q2023, NLG had revenue of VND 231bn from real estate products (USD 8.3mn, - 60% YoY), reflecting the difficulty of the market.

Rong Viet Securities

Nam Long Investment Corporation (NLG VN Equity - Hold) - Pre-Sales Picked Up

Nam Long Investment Corporation (NLG) reported 9M23 revenue of VND1,545n (-43% YoY) and NPAT of the parent of VN193bn (+62.7% YoY).

Mirae Asset Securities

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