Analyst Pin-board: Nam Long Group (HSX: NLG) update
Revenue and profit guidance for 2020
Nam Long set total revenue and profit targets in 2020 of VND 1,520 billion (-40% YoY) and VND 820 billion (-15% YoY), respectively. The decline in revenue is due to the fact that the major revenue sources come from joint ventures. Hence it is not consolidated as revenue but only as the profit shared from the JVs in its income statement. Specifically, NLG expects to record a VND 620 billion gain as financial revenue, thanks to the transfer of its stakes in two residential projects in Dong Nai, namely Paragon and Waterfront during Q3/2020. Nam Long has signed a transfer agreement with a Japanese partner in the Waterfront project since Q4/2019. For the Paragon project, the company is in process of negotiating with several partners, which are expected to be completed in 2020.
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