Company Insight

Nam Long Investment Corporation (HOSE: NLG) is one of the leading real estate developers in Vietnam, owning a large land bank of over 600 hectares. The company specializes in developing affordable housing. In 2025, we forecast NLG’s revenue and NPAT to reach VND 4,644 billion (-35.5% YoY) and VND 1,059 billion (-23.4% YoY), respectively, as the company primarily hands over products from existing projects (Southgate, Akari, Can Tho). However, we remain optimistic about NLG’s long-term prospects due to (1) its substantial land bank, which is ready for future development, and (2) the gradual resolution of legal issues related to its projects. Based on RNAV method, we recommend buy NLG with a target price at VND 43,500.