Nam Long Group (NLG VN): Projects an increase of 35% in profit
NLG released its AGM’s documents. Target revenue is VND6,794 billion (about USD263 million, down -5.6% YoY) and net income of VND701 billion, up +35.3% YoY). Key drivers will be projects as follows: Southgate, Can Tho, Akari (2nd phase), and Mizuki Park. NLG also considers offering real estate services and wholesaling to maximize total shareholder return. NLG VN closed at VND29,600/s on April 14th hence 22.0x P/E & 1.2x P/B.
Masan MEATLife (MML VN): 2025 plan
MML has proposed target revenue of up to VND8,750 billion (about USD339 million) for 2025 in the best case, resulting an increase of 14% YoY, followed by best-case net income of up to VND205 billion (about USD8 million, up +660% YoY). The company also plans to invest heavily in Processed Meat, expecting this business line to account for 37% of total revenue. Key personnel of the company may potentially receive options to buy ESOP shares with total quantity of up to 3.5% of current shares outstanding (equivalent to about 11.5 million shares) and exercise price of VND10,000 per share. MML was last traded at VND28,100 per share, indicating 342.7x P/E and 2.1x P/B. However, if the company can achieve its best-case scenario, the Forward P/E could dramatically improve to around 45.1x.
Khai Hoan Land (KHG VN): Expects significant growths in 2025 after bond redemptions
The real estate broker and developer sets target revenue of VND357 billion (about USD14 million, up +15% YoY) and net income of VND65 billion (about USD2.5 million, up +19% YoY). An issuance of ESOP shares, up to 2% current shares outstanding, will be voted in the upcoming 2025 AGM. The company has been acquiring lands to increase the land bank up to 1,000 hectares while developing on-going projects (i.e. Khai Hoan Prime in HCMC, Helios in Phu Quoc Island, Go Gang in Vung Tau province, etc.). KHG VN closed at VND5,400 per share on 14th April 2025, thus 44.3x P/E and 0.5x P/B.
Nafoods Group (NAF VN): Exploring expanding its export markets
NAF disclosed the company’s challenge after the new tariff schedule imposed by the U.S., and the company has been considering to shift export volume of dried fruits from the U.S. to other markets. In 2024, export markets accounted for nearly 88% of total revenue, and the company updated that it is also looking at selling to Russian consumers. This year, the company targets revenue of VND1,985 billion (about USD77 million, up +38% YoY) and net income of VND135 billion (about USD5.2 million, up +16% YoY). NAF VN closed at VND19,450 per share on 14th April 2025, therefore 9.2x P/E and 1.1x P/B.
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