Analyst Pin-board NLG – Longer-than-expected sales launch
- In 3Q22, NLG only launched two new subdivisions, including: The Akari- block 9 (July 26, 2022) and The Ehome- Southgate – Phase 2 (August 21, 2022). However, sales result recorded lower than before. Accumulating 9 months, we estimate pre-sales value to reach at VND 9,600 bn, an increase of about VND 1,200 bn compared to the number at the end of 2Q22. Completing 40% of the plan.
- The plan to launch the Can Tho, Izumi and Paragon Dai Phuoc projects are expected to move to 2023.
- In 3Q2022, Rong Viet estimates revenue and NPATMI to reach VND 812 billion (-35% QoQ and +438% YoY) and VND 48 billion (-57% QoQ and -83% YoY). In 2022, we forecast the revenue and NPATMI to be VND 4,403 bn (-15% YoY) and VND 245 bn (-77% YoY), respectively, completing 62% and 20% of 2022 plan. EPS is estimated at VND 640/share.
We maintain the BUY recommendation for NLG for holding of more than 12 months. The adjusted target price of VND 45,800/share, upside +68% compared to the closing price of October 4, 2022, (lower 4,700 VND compared to the target price in the report of October 4, 2022). Due to a change in the launching time of Can Tho, Izumi and Paragon Dai Phuoc projects to 2023, which affected by the legal and market situation, in addition to adjusting the discount rate in line with the increasing trend. of interest rates
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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