NLG – Update – Step back to leap forward
Posted: Aug 13, 2025
- 2Q25 net profit reached VND 99 bn, -31% yoy as the same period last year recorded a large one-off gain. For 6M25, although net profit rose 206% yoy from a low base, the result fell short of our expectations due to slower-than-expected handover progress.
- We expect the company’s profit to grow by 45%/ 5% in 2025/2026, respectively, driven by gains from the transfer of shares in the Izumi project and handovers at new projects or sub-phases.
- We raise our target price to VND 45.600/share but downgrade our recommendation to HOLD as the current share price has partially reflected the company’s outlook.
Share:
Relevant reports
Don't have an MBS account?
Open an accountStart trading and stay informed with timely updates and valuable reports from MBS.
If you have an MBS account, please register to receive reports from MBS.
Get the latest market updates and corporate insights from MBS.