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- NLG announced Q1 2025 underlying property revenue (including revenue from the joint-venture Mizuki Park project) of VND1.25tn (USD48mn; +3.6x YoY) and NPAT-MI of VND108bn (USD4mn; vs Q1 2024’s net loss of VND77bn/USD3mn). The continued handovers at the Akari City Phase 2 and Can Tho projects (accounting for a total of ~90% of Q1 2025 underlying property revenue) were the primary earnings drivers in the quarter.
- Although Q1 2025 NPAT-MI reached only 16% of our full-year forecast, we foresee insignificant change to our 2025F NPAT-MI forecast of VND674bn (USD26mn; +32% YoY), pending a fuller review, as we anticipate the divestment gain from a 15% stake sale in Izumi City to be the main earnings driver in 2025F.
- NLG achieved 4M 2025 presales (as of April 21) of VND2.58tn (USD99mn), equivalent to 50% of full-year 2024 presales and 36% of our full-year 2025F forecast. Over 80% of 4M 2025 presales came from Southgate (which surged 46% above its full-year 2024 total), fuelled by a new low-rise launch in April. This encouraging result highlights growing interest in the Long An real estate market.
Figure 1: NLG’s property presales
VND bn | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | 4M 2025 (as of April 21) |
Akari City | 1,420 | 560 | 860 | 150 | 80 | 300 | 680 | 910 | 540 | 570 | 510 | 240 | 30 | 130 |
Southgate | 480 | 1,090 | 650 | 80 | 70 | 130 | 120 | 1,070 | 280 | 670 | 160 | 350 | 220 | 2,130 |
Mizuki Park | 760 | 2,050 | - | - | 90 | 200 | 100 | 170 | 250 | 220 | 50 | 130 | 20 | 20 |
Can Tho | 120 | - | - | - | - | - | - | - | 100 | 50 | 130 | 830 | 230 | 250 |
Izumi City | - | - | - | - | - | - | - | - | - | - | - | 130* | 50 | 50 |
Total | 2,780 | 3,700 | 1,510 | 230 | 240 | 630 | 900 | 2,150 | 1,170 | 1,510 | 850 | 1,680 | 550 | 2,580 |
Source: NLG, Vietcap compilation (Presales rounded to nearest ten). Note: (*) 21 presold units at Izumi City P1 in December 2024, which were refunded by previous customers from the first launch in 2021.
Figure 2: NLG’s Q1 2025 results
VND bn | Q1 | Q1 | YoY | 2025F | Q1 as % |
Net revenue | 205 | 1,291 | 531% | 4,807 | 27% |
| 162 | 1,210 | 646% | 4,682 | 26% |
| 42 | 81 | 91% | 124 | 65% |
Gross profit | 87 | 413 | 377% | 2,209 | 19% |
| 80 | 403 | 401% | 2,191 | 18% |
| 6 | 10 | 63% | 19 | 54% |
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SG&A expenses | -145 | -238 | 65% | -1,113 | 21% |
EBIT | -58 | 175 | N.M. | 1,096 | 16% |
Financial income | 26 | 48 | 87% | 439 | 11% |
Financial expense | -51 | -99 | 96% | -277 | 36% |
Profit from associates | 24 | 8 | -67% | 69 | 12% |
Other gain/loss | 12 | 11 | -13% | 50 | 21% |
PBT | -47 | 142 | N.M. | 1,377 | 10% |
Effective tax expenses | -18 | -33 | 76% | -262 | 12% |
NPAT | -65 | 110 | N.M. | 1,115 | 10% |
Minority interest | -12 | -1 | -87% | -441 | 0% |
NPAT-MI | -77 | 108 | N.M. | 674 | 16% |
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Gross margin | 42.3% | 32.0% |
| 46.0% |
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| 49.5% | 33.3% |
| 46.8% |
|
| 14.7% | 12.5% |
| 15.0% |
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SG&A as % of revenue | 70.6% | 18.4% |
| 23.2% |
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EBIT margin | -28.3% | 13.5% |
| 22.8% |
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NPAT-MI margin | -37.6% | 8.4% |
| 14.0% |
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Source: NLG, Vietcap forecasts (Last updated February 6, 2025)
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