Result Update Report: NLG - Being patient: Preceding the recovery
NLG, a high-reputation developer, is among the top five listed real estate developers with the largest land bank and concentrate in high-demand cities such as Dong Nai, Long An, and Can Tho. Owing to its prudent development strategy and financial leverage, we believe that the company can maintain its business while its peers struggle to stay afloat. Given the current headwinds in the real estate market, we think it is for a slowdown of the company’s business results in 2023, before gradually recovering in 2024.
Using the RNAV method, we set a target price for NLG of VND 35,800/share with a total return of +12.4% compared to the closing price on July 11, 2023 (including cash dividend of VND 500/share) and recommend to ACCUMULATE the stock.
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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