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NLG – Beyond expectation – Earnings Flash

Company Note 22/01/2020    220

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  • NLG posted FY19F net profit of VND960bn (+25.8% yoy), at 119.1%/100% of our/management’s estimate of VND806bn/VND960bn.
  • This was mainly driven by a one-off income of VND383bn from its Dai Phuoc project.
  • Maintain Add, due to its better outlook in FY20-22F.

Market Price

Target Price

Dividend Yield

Rating

Sector

VND28,000

VND39,600

1.79%

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PROPERTY

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