X-Stock | NLG 36,700+53%: Q2/2026 Business Results Update

2Q2026 results – Earnings declined on a delivery trough: Net revenue and NPATMI fell sharply YoY due to a low delivery base, reaching VND415bn (-46% YoY) and VND55bn (-44% YoY), respectively. Results were mainly driven by low-rise product handovers at Southgate and Can Tho Central Lake. Gross margin expanded to 77% versus the typical 35–50% range, as NLG recognized previously accrued costs at Akari Phase 2.

Sales update: New presales reached VND3,006bn in the quarter (+11% YoY). 1H2026 cumulative presales were VND5,079bn, equivalent to 22% of the company’s presales target and 34% of our forecast, amid a challenging real estate market in 1H2026 due to high interest rates and abundant supply.

Other updates:

• NLG raised its ownership in Elyse Island to 72% after acquiring an additional 13% stake from TBS.
• Waterpoint Phase 2 (190ha, Long An): additional land-use fee is estimated at VND400–500bn.
• Sales policy: NLG continues to offer a 9% preferential interest rate, broadly in line with banks’ quoted rates of around 10–10.5%.

BSC’s view:

In 1H26, NLG completed 22% of its revenue plan and 17% of its 2026 profit plan, reflecting the seasonal nature of project handovers in the real estate sector. We maintain our forecasts for (1) earnings, supported by a large backlog from Park Village at Southgate, Canaria at Izumi and Sol Garden, which are ready for handover from Dec-2026; and (2) new presales, as launch plans remain on track, with subsequent phases expected to open in 2H2026 across five key projects: Southgate, Central Lake, Izumi, Mizuki Park and Sol Garden.