In 2023, NTL recorded net revenue of 914 billion VND, an increase of 133.6% yoy, reaching 131% of the annual plan. Profit before tax in 2023 reached 461 billion VND, up 245% yoy and reaching 153.6% of the annual plan. NTL stock price has increased very positively in recent 12 months, but we still highly appreciate the prospect of NTL stock price increase in the near future thanks to the following factors: (1) Bai Muoi project continues to book revenue and profits for the company in 2024 and 2025; (2) prospects from new/ongoing real estate projects of the company; (3) Vietnam’s real estate market is expected to begin its recovery from 2024, creating an environment of tailwinds for NTL’s operations; (4) Healthy financials creates a competitive advantage for NTL compared to other real estate businesses. We think that the catalyst that will help NTL shares increase in price in the next 6-18 months will be new information about the projects the company is implementing, such as: the company has completed the remaining part of the North of Highway 32 project; legal issues of Dich Vong New Urban Area Project are resolved; the company successfully bid for new projects; etc.

We issue a BUY recommendation for NTL stock with a target price in the next 6-18 months of VND 51,500/share. The expected upside is 16.78% with the purchase price of VND 44,100/share.