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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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

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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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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