NLG – Sales in 2025 are estimated to have a slowdown
• For 2024, we estimate NLG's revenue and NPAT-MI to reach VND 5,398 billion (+70%YoY) and VND 173 billion (-64%YoY), respectively, mainly from the handover: 1/ Akari 2 project (VND 3,448 billion), 2/ Nam Long Can Tho project (VND 1,284 billion).• Presales value in 2025 will slow down, estimated at VND 5,303 billion due to: 1/ projects estimated to be launched in the next year, mostly in satellite cities (Can Tho, Long An, Dong Nai,...), 2/ low-rise, high-value products need a lot of time to absorb.
• Based on the RNAV valuation method, the fair value of NLG is VND 39,000 per share. Combined with a cash dividend of VND 500 per share, the expected total profit is 9% compared to the closing price on December 25, 2024.
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