NLG [BUY +26.5%] - Mizuki Park, Southgate, Can Tho to drive 2025F presales - Update
  • 2024-10-29T00:00:00
  • Company Research

- We reiterate our BUY rating for NLG and maintain our target price (TP) of VND48,700/share as we roll forward our TP horizon to end-2025 from mid-2025, offset by rescheduling the projected presales launch of Akari City Phase 3 (P3) to 2026F from 2025F.

- We trim our respective 2024/25F NPAT-MI forecasts by 7%/3%, but increase our 2026F forecast by 4%. These changes reflect a lower 2024F handover projection for Southgate, higher 2025-26F projection for Can Tho, and increased SG&A expense forecast for 2024-26F.

- We expect a substantial contribution from Q4 2024F earnings to our 2024F NPAT-MI forecast of VND475bn (USD19mn; -2% YoY), mainly driven by the scheduled handovers of the Akari City P2 and Can Tho projects.

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