NLG – Weak 9M19 results just a blip – Earnings Flash

• NLG’s 3Q19 net profit plunged by 65.1% yoy amid weak handover value and the lack of land transfers.
• The successful launch of the mid-range condo Akari in 3Q19has consolidated NLG’s presales outlook for FY20F.
• Maintain Add for promising FY20-21F outlook, backed by steady presales growth with a TP of VND39,600.

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