Although LHG's long-term story still depends significantly on the progress of new industrial parks, we see positive aspects for Long Hau in: i) abundant cash reserves; ii) strong cash flow from factory leasing & land exploitation in LHG3.1; iii) a stable cash dividend payout ratio of 19%; and iv) net profit growth resuming in 2025. Therefore, investment opportunities in LHG remain present in 2025. Using an average of the NAV and P/B methods, BVSC recommends an OUTPERFORM rating with a fair value for the next 12 months of VND 43,049/share, equivalent to a +21% increase from the closing price on March 14, 2025.

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