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NLG - OUTPERFORM - Striking the right chord with affordable apartments and townhouse concepts - Re-Initiation

We re-initiate on Nam Long Group (NLG) with an OUTPERFORM rating and TP of 20,600 (Upside 17.4%). Since our last report, NLG strengthened its financial position by raising capital from highly regarded sources like the International Finance Corp, a member of the World Bank, which has enabled the company to accelerate sales progress for its popular affordable Ehome series condos and streamlined its corporate structure.