NLG

NLG will distribute a 5% cash dividend (242.5B VND) for 2025, payable on June 30, 2026, with a record date of June 15, 2026. The payout comes as Q1 2026 net profit attributable to parent fell 37% YoY to 68B VND, while the company targets 720B VND for the full year.

Vietnam real estate companies increased total debt to approximately VND 300 trillion by end-Q1 2026, while aggregate revenue surged 210% YoY to VND 76 trillion, driven by VHM and NVL. Gross profit margin recovered to 48.1%, near 2021 peaks, signaling improved pricing power in the high-end segment.

Vingroup stocks (VIC, VHM, VRE) reversed sharply from intraday highs to close lower, dragging the VN-Index down 20 points to 1,895. The broad sell-off hit real estate, banking, and oil & gas sectors, while foreign investors extended their net selling streak to 13 consecutive sessions. The reversal came despite strong morning gains that pushed the index to a new record of 1,927.

VIS Rating forecasts a sharp divergence in Vietnam's residential real estate sector for 2026. Large developers Vinhomes (VHM), Dat Xanh (DXG), and Nam Long (NLG) are positioned to maintain liquidity and stable leverage thanks to robust handover cash flows from strong 2025 sales. In contrast, Novaland (NVL), API, and NRC face significant refinancing pressure as VND 99 trillion in real estate bonds mature and credit conditions tighten.

VIC and other major real estate tickers (VHM, VRE, NVL) posted strong Q1/2026 earnings, with sector NPATMI up 32.3% YoY. However, primary supply surged 65% YoY to 78,000 units, while mortgage rates are resetting from 6-7% to 12-14%, creating downside risk for secondary market prices.

Foreign investors net sold nearly VND 1,000 billion on May 5, 2026, with net sell of VND 997.5B, while domestic individuals net bought VND 760.8B. The VN-Index rose 20.79 points, almost entirely from VIC and VHM, but breadth was negative with 213 declining stocks, indicating a narrow rally.

NLG partners with Thrive Senior Living to develop senior living projects in Vietnam, starting with a 400-unit, 600-bed facility at Waterpoint township. The move targets a growing elderly population of 14.2 million, with supply severely lagging demand. This diversifies NLG's portfolio beyond traditional residential into operating assets.

Vinhomes (VHM) reported Q1 2026 net profit of VND 25,625 billion, surging 866% YoY, driven by handovers at Ocean City and Royal Island. Other developers like Novaland (NVL), PDR, KDH, and DXG also posted strong gains, but analysts warn that profits rely heavily on project transfers and financial income rather than core sales, signaling an unsustainable recovery.

VietinBank (CTG) reported Q1/2026 pre-tax profit of VND 11,139 billion, up 63% YoY, leading a mixed earnings season. While MB (MBB) rose 15% and Vinpearl (VPL) surged 987%, Eximbank (EIB) saw a 59% decline. The results highlight divergent performance across banking, real estate, and consumer sectors.

Nam Long ADC (NLG) formed a joint venture with Japan's Nishi-Nippon Railroad, with Nam Long holding a 51% stake. The partnership targets 80% growth by 2030 and aims to address Vietnam's housing supply-demand gap, leveraging Japanese expertise in design, operations, and quality control.

BSC Securities analysis finds that home prices of VND 80 million/m2 and mortgage rates of 10.5% remain within the affordability threshold for genuine homebuyers. The report forecasts strong industry profit growth in 2026-2027, driven by new sales recovery and legal improvements, despite recent stock corrections of 30-50% from peaks for key tickers including DXG, PDR, NLG, TCH, and KDH.

NLG proposes a 9-member board for 2026-2031, with 4 foreign nationals including Mekong Capital's Chad Ovel and CEO Lucas Loh. The move underscores Nam Long's strategy to become an integrated real estate group by 2030, leveraging international expertise.