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

Mirae Asset Securities

External broker reports(aggregated public sources)

Leading full-service brokerage firm in Vietnam. 

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Equity Bottom-Up

<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

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

Rong Viet Securities

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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>In Q2023, NLG had revenue of VND 231 bn form real estate products (USD 8.3mn, - 60% YoY), reflecting the difficulty in the market.</li><li>The revenue's breakdown included VND 30bn from the handover of 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% YoY). NLG has recognized a net loss of VND 19 bn in EBIT, but offset by profit from associates,  with VND 78bn from Mizuki Park (handing over 413 apartments in blocks MP6-7-8).</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 Q2023, NLG had revenue of VND 231 bn form real estate products (USD 8.3mn, - 60% YoY), reflecting the difficulty in the market.The revenue's breakdown included VND 30bn from the handover of 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% YoY). NLG has recognized a net loss of VND 19 bn in EBIT, but offset by profit from associates,  with VND 78bn from Mizuki Park (handing over 413 apartments in blocks MP6-7-8).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

<ul><li>Nam Long Investment Corporation (NLG) reported 1H23 revenue of VND1,188n (-35% YoY) and NPAT of the parent of VN127bn (+15% YoY).</li><li>The majority of reported revenue came from the handover of Waterpoint, at a value of VND931bn (88 units).</li><li>Although reported revenue fell quite significantly, NPAT advanced slightly, thanks to the higher gross margin (from 44% to 61% YoY) of Waterpoint’s townhouse and villa products. </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 1H23 revenue of VND1,188n (-35% YoY) and NPAT of the parent of VN127bn (+15% YoY).The majority of reported revenue came from the handover of Waterpoint, at a value of VND931bn (88 units).Although reported revenue fell quite significantly, NPAT advanced slightly, thanks to the higher gross margin (from 44% to 61% YoY) of Waterpoint’s townhouse and villa products. 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 / Hold) - Pre-Sales Remained Challenging

Thematic (Sector/Industry)

<ul><li>Overview: JSCB for Investment and Development of Vietnam (BIDV), formerly known as Bank for Construction of Vietnam under the MoF, was established in 1957.</li><li>BIDV has been put into operation under the model of a JSCB since 2012. I</li><li>t has been listed on HOSE since 2014. By the end of 2022, its outstanding credit reached VND1.98qa, accounting for over 12.87% of the total credit in the economy, making it the market leader in credit market share.</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>

Overview: JSCB for Investment and Development of Vietnam (BIDV), formerly known as Bank for Construction of Vietnam under the MoF, was established in 1957.BIDV has been put into operation under the model of a JSCB since 2012. It has been listed on HOSE since 2014. By the end of 2022, its outstanding credit reached VND1.98qa, accounting for over 12.87% of the total credit in the economy, making it the market leader in credit market share.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.

Stock Recommendations (Vietnam Market) - October 2023

<ul><li>Nam Long Investment Corporation (NLG) reported FY22 revenue of VND4,339n (-17% YoY) and NPAT of the parent of VN556bn (-48% YoY).</li><li>Real estate–related products accounted for the majority of revenue, at VND4,038bn, as follows: Flora Akari, VND1,020bn; Southgate, VND2,517bn; and Ehome Southgate, VND354bn.</li><li>In 1Q23: the company reported 1Q23 revenue of VND235bn (-60% YoY) and NPAT of VN16bn (-50% YoY).</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 FY22 revenue of VND4,339n (-17% YoY) and NPAT of the parent of VN556bn (-48% YoY).Real estate–related products accounted for the majority of revenue, at VND4,038bn, as follows: Flora Akari, VND1,020bn; Southgate, VND2,517bn; and Ehome Southgate, VND354bn.In 1Q23: the company reported 1Q23 revenue of VND235bn (-60% YoY) and NPAT of VN16bn (-50% 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.

Nam Long Investment Corporation (NLG VN) - Gross Margin Boost from Izumi & Southgate

Vietnam

Phat Dat Real Estate Development Corporation develops and trades in real estate properties in Vietnam. Its projects include estate residences, apartment houses, tourism real estate, luxury resorts, hotels, penthouses, and high-rise commercial projects. The company has strategic partnership with Openasia Consulting Ltd. Phat Dat Real Estate Development Corporation was founded in 2004 and is based in Ho Chi Minh City, Vietnam.

Dat Xanh Group Joint Stock Company operates as a real estate development company. The Company develops and constructs trade centers, office buildings, apartments, resorts, villa, and hotels, as well as property management, brokerage, and leasing services. Dat Xanh Group serves customers in Vietnam.

Song Da Urban & Industrial zone Investment and Development Joint Stock Company develops real estate properties. It focuses on developing urban development projects and industrial parks. The company is based in Hanoi, Vietnam.

Sao Mai Group Corporation provides real estate development services. Sao Mai Group Corporation was formerly known as Sao Mai Construction Corporation. The company was founded in 1997 and is based in Long Xuyen, Vietnam.

Quoc Cuong Gia Lai Joint Stock Company engages in the real estate development business primarily in Vietnam. It develops apartments and townhouses, garden villas and cottages, offices, etc. The company also produces natural rubber; and operates hydropower projects. In addition, it supplies wood products comprising doors, kitchen cabinets, and furniture for apartments, villas, townhouses, etc. The company was founded in 1994 and is headquartered in Pleiku, Vietnam.

Sai Gon Thuong Tin Real Estate Joint Stock Company primarily engages in the real estate business in Vietnam. It trades in real estate properties; owns and leases land use rights and houses; invests and constructs infrastructure of industrial parks, as well as in urban areas; rents warehouses, factory, and office; provides financial services, consultancy, brokerage, property auction, and auction of land use rights; conducts market study and surveys public opinion; manufactures building materials; operates as an agent broker; and offers architecture and related technology consultancy services, as well as specialized design services. The company was founded in 2004 and is based in Ho Chi Minh City, Vietnam.

Hoang Quan Consulting Trading Service Real Estate Corporation provides real estate investment, marketing, and consulting services. Its real estate project portfolio includes houses, housing projects, industrial parks, and port projects. The company also engages in the construction of education projects, such as schools, colleges, and universities. In addition, the company provides financial investment consultancy services; capital contribution for M&A activities; and finance and securities investments. The company was founded in 2000 and is based in Ho Chi Minh City, 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.

Vingroup Joint Stock Company operates as a real estate development company. The Company develops apartments, malls, hotels and resorts, health care, educational, convention center, amusement parks, and entertainment properties. Vingroup serves customers worldwide.

Vincom Retail Joint Stock Company owns and develops shopping malls. The Company offers dining, apparel, gaming, theme park, and entertainment facilities. Vincom Retail serves customers in Vietnam.

MBK Public Company Limited operates property business.  The Company owns Mah Boon Krong Center building complex located in downtown Bangkok.  The complex consists of shopping malls, an office building and the Patumwan Princess Hotel. Through its subsidiaries, the Company mills and distributes rice, other grain products and operates power generation and distribution business.

PT MNC LAND Tbk engages in the development of integrated resorts, commercial properties, and property services. The Company owns and operates a full range of commercial properties in Jakarta, Surabaya and Bali. MNC LAND's integrated resorts include Lido Lake Resort in West Java, Bali Nirwana Resort in Bali, and Mandalika Eco-Tourism Resort in West Nusa Tenggara.

Keihanshin Building Co., Ltd. leases office buildings, computer and telecommunication equipped buildings, off-track-betting, and other commercial facilities.  The Company also provides building management services and undertakes construction works.

Suzhou New District Hi-Tech Industrial Co., Ltd. develops residential buildings and constructs utility, transportation, and communication facilities for Suzhou Hi-Tech Industrial Development Zone.  The Company also provides renovation and warehousing services and invests in other businesses.

Suzhou New District Hi Tech Ind Co. (600736 CH)

Beijing North Star Company Limited develops, leases, and invests in properties. The Company operates shopping centers, hotels, restaurants, and recreation businesses.  The Company also provides property management.

Amata Corporation Public Company Limited develops industrial estates primarily served for manufacturing plants and factories. The Company acquires land and develops essential infrastructure and facilities ready for industrialized operations. Ameta also has overseas investments in Vietnam.

Shui On Land Limited engages principally in the development, sale, leasing, management and ownership of residential, office, retail, entertainment and cultural properties in the PRC.

Zhejiang Sunriver Culture Co.,Ltd. provides services on cultural consultation, animation design, film and television planning, financial information consultation (excluding securities and futures), sports information consultation, education information consultation, software development, investment management, corporate  investment, asset management, and enterprise management.

Zhejiang Sunriver Culture Co., Ltd. (600576 CH)

Poly Property Group Co., Ltd. develops, invests in, and manages properties in China.  The Company develops mid- to high-end residential and commercial projects in first-tier and second-tier provincial capitals in Central and Southwestern China.

Suning Universal Co., Ltd engages in real estate development and invests in urban infrastructure, education and high-tech projects.  The company also involves in building material manufacturing, import & export trades, hotel operation and financial consulting.

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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