- We maintain our target price for NLG at VND48,700/share but upgrade our rating from OUTPERFORM to BUY as the share price has declined 7% in the past three months. We broadly maintain our NPAT-MI forecasts for the 2024/25/26F period.

- We forecast 2024F NPAT-MI to grow 6% YoY to VND512bn (USD20mn), mainly supported by the start of handovers for Akari City Phase 2 (P2) and Can Tho projects in H2 2024F and the recognized Paragon stake sales in Q2 2024. 

- We lower our 2024F underlying property revenue by 6% to VND5.9tn (USD232mn; -16% YoY), mainly due to lowering our handover projections at the Mizuki Park and Izumi City projects following management’s recent guidance for H2 2024G scheduled handovers at these two projects at the August 2024 analyst meeting.

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