NVL - Trên Đà Phục Hồi Reference Price: 15,600
Target Price: 21,000
Upside Potential: +34.6%
Q2/2025: Net loss narrowed to VND 190 billion, a sharp decrease from the VND 6,726 billion loss in the same period of 2024.
Net revenue in Q2/2025 reached VND 1,936 billion, up ~22% YoY.
Cumulative revenue for 6M/2025 was VND 3,715 billion, up ~62.5% YoY.
This shows that core operations have partly recovered, and if sustained, EPS will improve and the P/E ratio will become more reasonable.
The plan to issue an additional 152 million shares for debt restructuring has been approved; if the restructuring is successful, the reduced interest burden will help improve profitability.
Market price: VND 15,600/share → P/B ~0.60x, below 1.0, indicating that the stock is trading under book value.
The company also owns a large land bank in key projects such as Aqua City, NovaWorld Phan Thiet, NovaWorld Ho Tram, which have made legal progress. If these projects are cleared and revenue is recognized, the intrinsic value could be significantly higher than the current market price.
Long
