NTL [NOT RATED] - LIDECO Bai Muoi & No11 building to drive near-term earnings

- We provide an update on NTL following our last report, dated April 16, 2021.

- NPAT-MI surged from VND107bn in 2022 to VND364bn in 2023 after NTL launched the sales of the 23-ha LIDECO Bai Muoi townhouse project in Ha Long, Quang Ninh.

- NPAT-MI was VND652bn in H1 2024, as NTL continued to book revenue from LIDECO Bai Muoi, completing 102% of its 2024G target. NTL plans to sell out the remaining area in H2.