We reiterate our OUTPERFORM rating for NLG with a target price of VND54,000/share. In the short term, the Central Lake Can Tho project becoming eligible for sale, along with the vibrant markets in Long An and Dong Nai bode well for Nam Long. Over the long term, Nam Long is well-positioned to solidify its reputation as a leading real estate developer in the southern region. In addition, the recent activity surrounding the Waterpoint Phase 2 land bank is worth watching. This extensive, low-cost land bank has the potential to become a significant growth driver for Nam Long during 2025-2027.

……………………………………………………………….............

Please find the attached file below.