NLG – Earnings driven by mid-range products

June 26, 2017

■ NLG's 1Q17 revenue fell 32% yoy while net profit slid 49% yoy due to decrease in unit sales recognised.
■ 1Q17 net profit was in line at 5% of our FY17 forecast; we still expect FY17 revenue to rise 10% and net profit to increase 33% yoy.
■ Strong performance of landed property segment supports expectations of robust sales for NLG's new Valora Kikyo project.
■ Maintain Add. NLG is trading at a 20% discount to RNAV.

NLG.2017.06.26

NLG – Earnings driven by mid-range products

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