NVL [UNDERPERFORM -18.8%] - Active capital market activities to fuel land bank expansion - Update
  • 2021-09-01T00:00:00
  • Company Research

- We maintain our UNDERPERFORM rating for NVL while increasing our target price by 3% to VND85,000/share. Our higher target price is driven by a higher valuation for NovaWorld Phan Thiet and the issuance of USD300mn of convertible bonds (CBs) at an initial conversion price of VND135,700/share, which are partly offset by a higher net debt balance as of end-Q2 2021.



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