GTJASVN_NLG Equity Report_Neutral-Hit by the pandemic

Research Center

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.

Danh sách báo cáo liên quan

GTJASVN Research _Construction Sector Outlook 2026_Posititve_Feb 2026_en

05/03/2026

GTJASVN Research _Construction Sector Outlook 2026_Posititve_Feb 2026_en Pillars Supporting the 2026 Construction Industry Outlook 1.Public investment...

(EN) GTJASVN_CTG Equity Report_2025 Results Update & 2026 Outlook_Mar 02 2026

03/03/2026

BUSINESS UPDATE In 2025, VietinBank expanded its balance sheet with total assets reaching VND 2,768 tn (+16% YoY), outstanding loans VND 1,992 tn (+15.7%),...

(EN) GTJASVN Research_Vietnam Aviation Sector_Feb 11, 2026

11/02/2026

Vietnam’s aviation sector outlook remains positive, supported by strong growth in tourism and large-scale infrastructure investment under the 2021–2030...

Contact

Stock index

Trade now

EN

VI

CN

Research Center