Company Insight

Nam Long Investment Corporation (HOSE: NLG) is one of the property developers with a large land bank in Vietnam, totaling more than 681ha, and is also a leading developer in the affordable housing segment. In H1/2026, earnings fell short of expectations due to slower handover progress, although a 52% YoY increase in presales indicates that NLG’s projects remain attractive despite the pressure from high interest rates in the real estate market. We expect handover activities to accelerate in 2H2026, mainly driven by projects such as Nam Long II Central Lake, An Zen Residences, and Waterpoint Southgate. We remain optimistic about NLG’s long-term outlook, supported by (1) its large land bank with clear legal status that is ready for development, and (2) a strong recovery in the real estate market in areas surrounding HCMC, alongside a shift in investment flows from the central region toward investment opportunities in southern provinces. Based on the RNAV valuation method, we initiate a BUY recommendation on NLG with a target price of VND35,700/share, implying an upside potential of 54%.