Valuation Compared to the "Hold" recommendation in the Q1/2022 strategic report, Nam Long's stock price has had a sharp downward adjustment due to the general influence of the stock market and the real estate industry. Therefore, recording the discount rate strongly depreciated from historical RNAV levels. We recommend to BUY NLG but adjust our target price down to 53,500 VND/share (+25% from the closing price on August 26, 2022) based on changing several assumptions. Including RNAV method based on assumptions (1) Adjustment of project WACC = 12%, (2) Apply 10% discount to industry and market risk, and (3) Increase selling price by one project number (Izumi City, Akari City). Forecasting business performances
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