GTJASVN_NLG Equity Report_Neutral-Hit by the pandemic

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GTJASVN_NLG Equity Report_Neutral-Hit by the pandemic

08/09/2021

Investment thesis

Mizuki and Akari in HCMC and Water point in Long An are the key projects for next year since phase 1 were very successfully lauched with high absorbtion rate;
In Q2 2021, NLG’s revenue was 400 billion VND (+65% y-o-y) while gross profit was 116.2 billion VND (-16% y-o-y). NPAT was 48.1 billion VND (-29% y-o-y)
The demand for Nam Long product has been high due to the reasonable selling price and trusted brand;
Demand in HCMC market are high. Housing price is pushing up high compared to 2019
NLG is owning 681 ha of landbank for 2021-2025 development.

Risk

License granting has been not yet improved this year;
Cyclicity and credit tightening are burden on growth.
Impact of Covid-19 and new wave of outbreak in May 2021, the presale is continuing to be hit, then the delivery for 2021 could be lower than expected.
The sale of current projects slow down because of the pandemic.

Recommendation:

Using the RNAV method, we value NLG at 34,300 VND/share and we recommend Neutral recommendation for NLG stock.

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