Valuation Compared to the latest Outperform report dated August 5, 2021 (Link) and the Buy recommendation in Q4/2021 strategic report (November 3, 2021) , Nam Long's stock price continued to record an impressive growth thanks to a sharp increase in the selling price of future projects compared to our forecast. We maintain our OUTPERFORM recommendation for NLG and believe that the sharp increase in the selling price of future projects has partly reflected in the stock price. Therefore, we have a target price of 66,500 VND/share (+8.8% compared to the closing price on 10/11/2021). Forecast of business results § BSC forecasts that NLG's 2021 revenue and profit are estimated at VND 2,675 billion (+18% YoY) and VND 1,027 billion (+23% YoY) in NPATMI, respectively. EPS FW 2021 = VND 2,975. PE FW 2021 = 21.7 times. § BSC forecasts that NLG's 2022 revenue and profit is estimated at VND4,422 billion (+68.5% YoY) and VND1,227 billion (+20% YoY) in NPATMI, respectively. EPS FW 2021 = 3,553 VND. PE FW 2021 = 17.2 times. Investment Thesis § Total sales value in the period 2021-2022 is expected to record a record level of VND 26,155 billion with 6,050 products, which will be a leverage for NLG to make a breakthrough in the future. § Owning a clean land bank with a large scale of 681 ha, ensuring a source of profit growth in the period of 2021-2025. Risks § The plan to open and sell projects has been delayed due to legal issues and the Covid-19 epidemic § General risks in the real estate industry (loan interest rates, industry cycle) Company Update § In 9M2021, NLG's revenue and profit after tax reached VND 787 billion (-41% YoY) and VND 709 billion (+182% YoY), respectively. |
Total value of new sales (Pre-sales) in 9M2021 was better than the same period last year, reaching VND 5,078 billion (+110% YoY), but slowed down in the second half of 2021 due to the impact of the Covid-19 epidemic.
20/03/2025
0 Number of Downloads
Download28/12/2022
311 Number of Downloads
Download26/12/2022
195 Number of Downloads
Download15/12/2022
187 Number of Downloads
Download30/11/2022
115 Number of Downloads
Download10/10/2022
164 Number of Downloads
Download