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 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 suppose that it considered this to be a smart strategy because this collaboration not only help NLG raise more funds for the project development, but also support NLG in terms of project management, design, and implementation.
RongViet Securities has a NLG share value of VND 40,200, 39.3% higher than the closing price on June 20, 2018. We recommend a BUY on the stock. The target price was revised up from the 2018 Strategic Report published in February to reflect the bright prospects of launching two key projects, namely Waterpoint and Akari City. On the flipside, investors should consider the risk that Keppel land’s convertible bond, which is expected to convert into equity by late-2018, could cause a dilution of approximately 10%.
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.
RongViet Research reports are diversified and abundant, along with in-depth analysis and performed by experienced, highly-qualified and knowledgeable teams. With the objectives of transparency, accurate and timely manner, RongViet believes that our products would always be important sources of information for customers/investors’ investment decisions.”
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.