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 680 hectares. The company specializes in developing affordable housing. In 2025, we forecast NLG's revenue and net profit to reach VND 6,755 billion (-6.1% YoY) and VND 686 billion (+32.5% YoY) respectively, coming from the handover of products from existing projects (Akari, Southgate, Can Tho) and the recognition of a 15% stake transfer in the Izumi City project. We are optimistic about NLG's long-term prospects due to (1) its large land bank with clear legal status, ready for deployment, and (2) the positive recovery of the real estate market in provinces adjacent to major cities. Based on the RNAV method, we issue a buy recommendation for NLG with a target price of VND 39,600. The valuation is attractive with a potential upside of 29.0%.