{"id":9669,"date":"2021-09-08T08:47:54","date_gmt":"2021-09-08T01:47:54","guid":{"rendered":"https:\/\/gtht.com.vn\/?post_type=research&p=9669"},"modified":"2021-10-14T08:48:37","modified_gmt":"2021-10-14T01:48:37","slug":"gtjasvn_nlg-equity-report_neutral-hit-by-the-pandemic","status":"publish","type":"research","link":"https:\/\/gtht.com.vn\/en\/research\/gtjasvn_nlg-equity-report_neutral-hit-by-the-pandemic\/","title":{"rendered":"GTJASVN_NLG Equity Report_Neutral-Hit by the pandemic"},"content":{"rendered":"
Investment thesis<\/strong><\/span><\/div>\n
    \n
  • 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;<\/span><\/li>\n
  • In Q2 2021, NLG\u2019s 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)<\/span><\/li>\n
  • The demand for Nam Long product has been high due to the reasonable selling price and trusted brand;<\/span><\/li>\n
  • Demand in HCMC market are high. Housing price is pushing up high compared to 2019<\/span><\/li>\n
  • NLG is owning 681 ha of landbank for 2021-2025 development.<\/span><\/li>\n<\/ul>\n

    Risk<\/strong><\/span><\/p>\n

      \n
    • License granting has been not yet improved this year;<\/span><\/li>\n
    • Cyclicity and credit tightening are burden on growth.<\/span><\/li>\n
    • 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.<\/span><\/li>\n
    • The sale of current projects slow down because of the pandemic.<\/span><\/li>\n<\/ul>\n

      Recommendation:<\/strong><\/span><\/p>\n

      \nUsing the RNAV method, we value NLG at 34,300 VND\/share and we recommend\u00a0Neutral<\/strong>\u00a0recommendation for NLG stock.<\/span><\/p>\n","protected":false},"author":1,"featured_media":0,"template":"","cate_research":[80],"specialized":[],"class_list":["post-9669","research","type-research","status-publish","hentry","cate_research-bao-cao-doanh-nghiep-en"],"yoast_head":"GTJASVN_NLG Equity Report_Neutral-Hit by the pandemic - Ch\u1ee9ng Kho\u00e1n Guotai Haitong (Vi\u1ec7t Nam)<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/gtht.com.vn\/en\/research\/gtjasvn_nlg-equity-report_neutral-hit-by-the-pandemic\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GTJASVN_NLG Equity Report_Neutral-Hit by the pandemic - Ch\u1ee9ng Kho\u00e1n Guotai Haitong (Vi\u1ec7t Nam)\" \/>\n<meta property=\"og:description\" content=\"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\u2019s revenue was 400 billion VND (+65% y-o-y) while gross profit was 116.2 billion VND (-16% y-o-y). 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