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. 

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.

Thematic (Sector/Industry)

<ul><li>2022 was a challenging year for the real estate industry, as both demand and supply recoveries were weaker than we anticipated.</li><li>Contrary to expectations that the market will return to strong growth after the pandemic, the real estate industry is currently facing multiple new challenges, including the following:</li><li>Tightened bank credit: Although the State Bank increased its credit room, it was mostly reserved for the manufacturing sector.</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>

2022 was a challenging year for the real estate industry, as both demand and supply recoveries were weaker than we anticipated.Contrary to expectations that the market will return to strong growth after the pandemic, the real estate industry is currently facing multiple new challenges, including the following:Tightened bank credit: Although the State Bank increased its credit room, it was mostly reserved for the manufacturing sector.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.

Industry Report - Real estate - Negative - Waiting for a solution

Equity Bottom-Up

<ul>
<li>Nam Long Investment Corporation (NLG) reported 3Q22 revenue of VND881n (+483% YoY) and NPAT of the parent of VN8bn (-97% YoY), achieving 38% and 10% of the 2022 fiscal plan, respectively. Of this:</li>
<li>The majority of revenue (90%) came from the handover of apartments and houses in Akari and Southgate.</li>
<li>Earnings fell sharply YoY, due to the bargain purchase from the consolidation of Southgate JSC last year, while selling expenses surged eleven-fold at the same time.</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 3Q22 revenue of VND881n (+483% YoY) and NPAT of the parent of VN8bn (-97% YoY), achieving 38% and 10% of the 2022 fiscal plan, respectively. Of this:
The majority of revenue (90%) came from the handover of apartments and houses in Akari and Southgate.
Earnings fell sharply YoY, due to the bargain purchase from the consolidation of Southgate JSC last year, while selling expenses surged eleven-fold at the same time.

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 / Non-Rated) - Update - 3Q22 Earnings Results

<ul><li>We maintain our Buy rating and target price of VND62,000 for Nam Long Investment Corporation (NLG), based on the RNAV valuation method.</li><li>With six real estate projects currently launching and presales value of VND8,410bn in 1H22, we believe that NLG is currently underpriced and is thus an attractive investment opportunity.</li><li>Risk: The shortage of supply in the real estate market and the corporate bond market turmoil in 1H22, have combined to negatively impact investor sentiment.</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 maintain our Buy rating and target price of VND62,000 for Nam Long Investment Corporation (NLG), based on the RNAV valuation method.With six real estate projects currently launching and presales value of VND8,410bn in 1H22, we believe that NLG is currently underpriced and is thus an attractive investment opportunity.Risk: The shortage of supply in the real estate market and the corporate bond market turmoil in 1H22, have combined to negatively impact investor sentiment.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: Internal Strength Overcomes Challenges

NP (21E, VND bn) 1,380 Shares outstanding (mn) 285<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>

NP (21E, VND bn) 1,380 Shares outstanding (mn) 285Content 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) - Update - Earnings to be recorded in 2H21

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

Rong Viet Securities

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Looking at relevant, up-to-date information from multiple perspectives with the support of intensive data and analyses, RongViet's research is effective, practical and widely used for investing purposes.

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.

<p>After a long time of accumulation land bank, in 2018, Nam Long has come into the final step of implementing the Waterpoint project - the largest project in NLG’s land bank. In addition, after the successful launch of the Mizuki Park project, the company will be busy on developing other new projects such as Akari City and Flora Keshi, creating momentum for Nam Long in the coming years.<br>As same as previous projects, NLG continues to privilege a 50:50 strategic partnership with Japanese partners. We…</p>

After a long time of accumulation land bank, in 2018, Nam Long has come into the final step of implementing the Waterpoint project - the largest project in NLG’s land bank. In addition, after the successful launch of the Mizuki Park project, the company will be busy on developing other new projects such as Akari City and Flora Keshi, creating momentum for Nam Long in the coming years. As same as previous projects, NLG continues to privilege a 50:50 strategic partnership with Japanese partners. We…

[Result Update] NLG - Unlock Huge Clean Land Bank

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)

Industry Report - Real estate - Negative - Waiting for a solution

2022 was a challenging year for the real estate industry, as both demand and supply recoveries were weaker than we anticipated.

Mirae Asset Securities

Nam Long Investment Corporation (NLG / Non-Rated) - Update - 3Q22 Earnings Results

Nam Long Investment Corporation (NLG) reported 3Q22 revenue of VND881n (+483% YoY) and NPAT of the parent of VN8bn (-97% YoY), achieving 38% and...

Mirae Asset Securities

Nam Long Investment Corporation: Internal Strength Overcomes Challenges

We maintain our Buy rating and target price of VND62,000 for Nam Long Investment Corporation (NLG), based on the RNAV valuation method. With six...

Mirae Asset Securities

Nam Long Investment Corporation (NLG VN Equity / Hold) - Update - Earnings to be recorded in 2H21

NP (21E, VND bn) 1,380 Shares outstanding (mn) 285

Mirae Asset Securities

[Result Update] NLG - Unlock Huge Clean Land Bank

After a long time of accumulation land bank, in 2018, Nam Long has come into the final step of implementing the Waterpoint project - the largest...

Rong Viet Securities

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