NLG – Modest earnings but robust presales in 2H19F – Update
- 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%
|
ADD
|
PROPERTY DEVT & INVT
|
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