We attended NLG’s annual general meeting (AGM) on April 22.

Shareholders approved management’s 2023 guidance for revenue of VND4.8tn (USD205mn; +11% YoY) and NPAT-MI of VND586bn (USD25mn; +5% YoY). We note the total revenue guidance if including revenue from the unconsolidated Mizuki Park project is more than VND8.0tn (USD339mn; +77% YoY). NLG’s earnings guidance is 15% lower than our forecast for 2023 NPAT-MI of VND691bn (USD29mn; +24% YoY).

Shareholders approved a FY2022 dividend payment that includes a total cash dividend of VND192bn (USD8.1mn). The first interim payment of VND115.2bn (USD4.9mn) was paid in December 2022, and the remaining is expected to be paid in Q2 2023 — equivalent to VND200/share (0.7% yield).