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NLG [BUY +32.6%] - Solid backlog to drive medium-term profit growth - Update

- We reiterate our BUY rating for NLG but cut our target price by 3.5% to VND55,000/share mainly due to a higher net-debt balance as of end-Q2 2022 and our 0.5-ppt higher risk-free rate assumption. 

- We forecast 2022F NPAT-MI of VND1.13tn (USD49mn; +5% YoY), which is mainly driven by deliveries at Akari City Phase 1 (P1), Southgate P1 and Can Tho as well as the Paragon stake sale. This is 9% lower than our previous forecast due to higher assumed SG&A expenses following H1 2022 results, which are partly offset by higher-than-expected H1 2022 results from Akari City P1 deliveries. 

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