Analyst Pin-board NLG – Izumi project sale launching is main highlight in Q4 2021
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· In 9M 2021, NLG recorded revenue and NPAT-MI of VND 787 Bn (-39% YoY) and VND 709 Bn (+241% YoY), respectively. Profit surged thanks to the revaluation gain from Southgate and Izumi projects. Meanwhile, the handover activities were slower-than-expected (Akari project) given the prolonged social distancing in HCMC. · For Q4 2021, we expect Akari project to spur the earnings when NLG started to deliver units since November 2021 (around 1,200 units). Consequently, the projected revenue and NPAT-MI of NLG arrive at VND 5,209 Bn (+135%) and VND 1,091 Bn (+31% YoY), respectively. · In 2022F, we expect that the handover of Southgate, Akari, Can Tho would support the top line while Izumi would be delivered from 2023 given the longer-than-expected launching (from Q3 to Q4 2021) caused by social distancing. Moreover, the stake transfer of 50% ownership in Dai Phuoc project would add VND 300 Bn profit into the bottom line. Overall, we estimate 2022F revenue to reach VND 5,063 bn (-3% YoY) and NPAT-MI of VND 1,062 bn (-3% YoY). |
Nam Long Investment Corporation is a Vietnam-based company engaged in the real estate operations and development industry. The Company mainly operates in five segments. The sales of projects and apartments segment refers to the development of land and urban infrastructures, as well as the development of apartment buildings and villas. The construction segment involves the construction of urban infrastructures, residential zones and the construction of Nam Long-branded houses. The leasing of investment properties segment relates to the leasing of office buildings and commercial centers owned by the Company. The service rendering segment comprises real estate brokerage services. The other activities segment refer to other activities carried out by the Company's subsidiaries and affiliate. The Company has nine subsidiaries and one affiliate.
Viet Dragon Securities belongs to top 20 biggest securities companies in terms of chartered capital in Vietnam. With a qualified, dedicated and professional team, a widespread network, advanced technology, diversified products and services, and good relationship with local and foreign institutions, we provide a wide range of services and products to our clients both individuals and institutions, both local and foreign. We commit to provide our clients with promising investment opportunities and a comprehensive and professional financial investment services.
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