- NLG released Q2 2023 results with revenue of VND953bn (USD40.4mn; -23% YoY) and NPAT-MI of VND121bn (USD5.1mn; +9% YoY) that were mainly driven by deliveries at the Mizuki Park and Southgate projects.

- In H1 2023, NLG’s revenue declined 35% YoY to VND1.2tn (USD50.4mn) while its NPAT-MI increased by 15% YoY to VND128bn (USD5.4mn), completing 34% and 21% of our respective full-year forecasts. We foresee insignificant changes to our 2023F NPAT-MI (VND607bn/USD26mn; +9% YoY) and presales (VND5.3tn/USD223mn; -35% YoY) as NLG’s Q2 2023 results were broadly in line with our expectations.

- H1 2023 underlying property revenue (including revenue from the joint-venture Mizuki Park project) was VND3.0tn (USD127mn; +2.0x YoY), completing 56% of our full-year forecast. H1 2023 deliveries at Mizuki Park and Southgate accounted for 65% and 31% of total underlying property revenue, respectively.