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NLG – Modest earnings but robust presales in 2H19F – Update

Company Note 22/08/2019    172

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  • NLG’s 1H19 net profit rose 23.6% yoy, backed by one-off gain from 1Q19 which offset subdued project deliveries.
  • Higher-than-expected selling price and robust take-up of Waterpoint could improve 2H19F presales, in our view.
  • We raise our TP to VND42,800 to reflect the higher selling price of Waterpoint and the addition of the new Hai Phong project to our RNAV.

Market Price

Target Price

Dividend Yield

Rating

Sector

VND31,550

VND42,800

1.58%

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