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NLG Equity report_Big player in the mid-end segment_130521_en

21/05/2021

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.

-          The demand for Nam Long product has been high due to the reasonable selling price and trusted brand.

-          HCMC market are hunger for the new supply. Market price is pushing up high compared to 2019.

Risk:

-          Cyclicity and credit tigntening are burden on growth.

-          Economy not yet recovered due to the impact of Covid-19.

Recommendation:

-          Base on the project launching plan, we estimate that value of NLG at 34,300 VND/share using RNAV method, equal to price closed at 34,500 on April 19 2021. We recommend Neutral for NLG stock.


Detail of the report here