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 H1/2025, positive changes in legal procedures of the Izumi City project (accounting for 30% of our total RNAV valuation), and the Paragon Dai Phuoc project have strengthened NLG's business prospects. We are optimistic about NLG's long-term prospects thanks to (1) owning a large land fund with clear legal documents ready for implementation, (2) the real estate market in the provinces surrounding HCMC has a good recovery and investment cash flow has shifted from the Northern region (after prices increased sharply since the beginning of 2024 in the Northern region) looking for investment opportunities in the Southern provinces. Based on RNAV methodology, we recommend HOLD NLG with a target price of VND49,100/share, valuing it at a potential upside of 9.8%.