No Va Land Investment (NVL) VND117,000.0: Fig 3: NVL Stock Dashboard (Traded in Vietnamese Dong, VND)

Research Report: No Va Land Investment
Includes FY2019 Financials

Vietnam Edition Tuesday, July 06, 2021
Last Updated: Thursday, May 20, 2021
No Va Land Investment (NVL) VND117,000.0

No Va Land Investment in top 2% performers of Vietnamese market in past quarter
No Va Land Investment Group Corporation, Vietnam's largest
Real Estate Activities company by market cap, has soared Fig 3: NVL Stock Dashboard [traded
VND53,023.90 (or 82.9%) in the past quarter to close at in Vietnamese Dong, VND]
VND117,000.0 on Tuesday.
Currency USD 1 =
This makes No Va Land Investment unit the twelfth highest Vietnamese Dong
performer in the Vietnamese market. Compared with the VN 23,255.81 (VND)
Index of 276 units which rose 112.4 points (or 9.1%) in the past Jul 06 close VND117,000.0
quarter, a relative price increase of 73.8%.
Ave Daily Volume 2,981,265 shares
The volume was 1.0 times average trading per quarter of 184.8 52-Week Range (In VND) 43,725.60 -
million units. 123,600.00
Sector Real Estate
Fig 1: Past Quarter Snapshot Activities
Market Cap VND171,990 billion
Beginning of End-of Change [$7.4 billion]
Quarter (06 Quarter (06
Apr, 2021) Jul, 2021) Shares Outstanding 1,470,000,000
VND % In this Report:
Price VND63,976.10 VND117,000.0 53,023.9 82.9 Highlights: (Click tab for direct access) Page
Market VND3.7 billion VND7.4 billion 3.7 billion 82.9 DATA & ARCHIVE DOWNLOAD CENTER 1
Cap
Past Quarter News 2
Corporate Profile 4
Low During Quarter 63,533.86 on Wed 07 Apr, 2021
Bullish Signals 4
High During Quarter 123,600.0 on Thu 01 Jul, 2021 5
Ongoing Bullish Parameters
VWP 96,241.2 Bearish Signals 10
Ongoing Bearish Parameters 10

Fig 2: NVL Financials Summary Tax 11
Financials FY 2019 11
Sales were down 28.5% from $657.5 million in FY2018 to $470
Peer Group Analysis & Ranking 13
million in FY2019.
News Archives (Mar 2018 - Mar 2021) 15
Net profit was up 6.2% from $138.8 million in FY2018 to $147.3
million in FY2019. Index 25
Glossary 27
Year ended Dec FY2019 FY2018 FY2017
Sales ($ M) 470 657.5 657.5 Note also:
Pretax ($ M) 183.4 201 202.9 Section Headers and Figures are mapped as Bookmarks in the PDF menu
(left, top)
Net ($ M) 147.3 138.8 139.3
EPS (VND) 2,584.9116
DATA & ARCHIVE DOWNLOAD CENTER

NVL: EXCEL TABLES ARE AVAILABLE TO EXPORT DATA:
• PRICE VOLUME - 5-YEAR HISTORY
NVL: LINKS IN HTML TO FURTHER INFORMATION:
• NEWS ARCHIVES - NVL PAST 3 YEARS IN HTML
• PRICE VOLUME CHARTS IN HTML
www.BuySellSignals.com Index and Glossary at end of this Report.

Fig 4: Long-Term Fundamental Ranking: 4 out of 5 [5 is best]

No Va Land Investment is ranked number 1 out of 3 listed real
estate activities companies in the Vietnam with a market
capitalization of VND171,990 billion ($7.4 billion).
It has a moderate relative ROE of 13.8% and ROA of 3.8%.

Stocks are scored on a set of parameters reflecting fundamental
analytical tools involving valuation, size and financial
performance. They are ranked according to the average values
of those parameters. The highest ranking is 5 and the lowest
ranking is 1.
Past Quarter News

Fig 5: Share Capital
June 08: No Va Land Investment announces Bonus issue
No Va Land Investment has announced a 555 for 198 bonus issue of shares, on Wednesday, June 09.
May 28: NVL: Notice of stock issuance for capital increase
No Va Land Investment Group Corporation announced the information on a stock issuance to increase its share
capital from the owner's capital:
Source: FPT Securities
Fig 6: Meetings
April 21: NVL: Supplement to the documents of of AGM 2021 via the website
No Va Land Investment Group Corporation announces the supplement to the documents of the Annual General Meeting 2021 via
the Company's website: https://www.novaland.com.vn
Fig 7: Funding/Capital
May 15: REPORT ON CONVERSION OF CONVERTIBLE BONDS INTO ORDINARY SHARES
REPORT ON CONVERSION OF CONVERTIBLE BONDS INTO ORDINARY SHARES
BuySellSignals On-demand Stock Research Report - PDF: Every stock, Every market
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Fig 8: Press Releases

June 25: Report on the result of bond conversion
On June 22, 2021, No Va Land Investment Group Corporation reports the result of conversion of convertible bonds into
shares as follows:
June 16: NVL: Record date to collect shareholders' opinions in writing
On June 14, 2021, the Hochiminh Stock Exchange issued an Announcement No.1158/TB-SGDHCM about the record
date of No Va Land Investment Group Corporation as follows:
June 11: NVL: Announcement of the record date
On May 28, 2021, HOSE issued Announcement No.1069/TB-SGDHCM regarding the record date of No Va Land
Investment Group Corporation (NVL) as follows:
June 04: NVL: Issuance of 20th Additional Securities Registration Certificate

Vietnam Securities Depository - Ho Chi Minh Branch would like to announce issuance of the 20th revised Securities Registration
Certificate No. 195/2016/GCNCP-VSD-20 dated 31st May 2021 due to additional securities registration for issuer as follows:
June 03: Announcement of the change of listing
On May 31, 2021 HOSE issued Announcement No.1077/TB-SGDHCM regarding the change of listing of NO VA LAND
INVESTMENT GROUP CORPORATION (stock code: NVL) as follows:
May 26: NVL: NVL: Issuance of 19th Additional Securities Registration Certificate
Vietnam Securities Depository - Ho Chi Minh Branch would like to announce issuance of the 19th revised Securities Registration
Certificate No. 195/2016/GCNCP-VSD-19 dated 21st May 2021 due to additional securities registration for issuer as follows:
May 20: NVL: Changes in 58th Business Registration Certificate

No Va Land Investment Group Corporation announces the changes in 58th Business Registration Certificate due to changing the
company's charter capital to VND10,728,120,350,000; effective from May 12, 2021.
May 04: Announcement of the change of listing

On April 29, 2021 HOSE issued Announcement No.865/TB-SGDHCM regarding the change of listing of NO VA LAND

April 24: NVL: Changes in 57th Business Registration Certificate

No Va Land Investment Group Corporation announces the changes in 57th Business Registration Certificate due to changing the
company's charter capital to VND 10,685,990,300,000; effective from April 19, 2021.
Corporate Profile
Fig 9: Activities
No Va Land Investment Group Corporation engages in the trading of real estate properties in Vietnam. They also constructs civil
and industrial properties; develops residence projects; and provides design, management consultancy, and real estate brokerage
services, as well as leases factories and warehouses. It is Vietnam's largest Real estate activities company by market capitalisation.
Fig 10: Contact Details

Website http://www.novaland.com.vn
Physical Address No 313B - 315 Nam Ky Khoi Nghia - Ward 7 - District 3 - HCMC
Phone (84.28) 3915 3666
Email info@novaland.com.vn
Bullish Signals
Fig 11: Rank in the top 18% by Price Performance in the Vietnam market
Description Value Rank
Rel Strength 6 mo 96 In Top 5%
1-month Price Change % 14.5 In Top 10%
Price/MAP50 1.12 In Top 13%
PV1000 [1 yr] $ 2,501 In Top 18%
Uptrend
Exponential Moving Average Price of 1.1 and positive MACD:
• The Moving Average Convergence Divergence (MACD) indicator of 12-day Exponential Moving Average (EMA) of 115,644.61
minus the 26-day EMA of 110,532.42 is positive, suggesting a bullish signal. Both the 12-day EMA as well as the 26-day EMA are
rising, another bullish signal.
• The price to 50-day EMAP ratio is 1.1, a bullish indicator. In the past 50 days this ratio has exceeded 1.1, 43 times suggesting
further upside. The 50-day EMAP has increased to VND102,290.81. An increase is another bullish indicator.
Past Quarter:
• In the last three months the unit has hit a new 52-week high twenty-six times, pointing to a significant uptrend.
The Best 3 weeks in the past quarter
In the past quarter the week beginning Monday April 12 saw the highest weekly rise of 20% for a relative price increase of 19.4%. The
rise was propped up by volume of 2 times average.
Mon-Fri Change % VN index Change % RPC % Vol Ind [1 is avg]
Apr 12-16 20 0.6 19.4 2
Jun 21-25 15.6 0.9 14.7 1.2
Apr 05-09 9.8 0.6 9.2 1.6
Relative Strength (6 months) 96 percentile:

• The unit has a 6-month relative strength of 96 in the Vietnam market of 691 stocks which means it is beating 96% of the market.
• A price rise combined with a high relative strength is a bullish signal.
Undervaluation
MCap/Total Assets:
• Tobin's Q Ratio, defined as MCap divided by Total Assets, is 1.9. Compared with the rest of the market the unit is undervalued.
Other Bullish Signals

• Net profit margin has averaged 24.6% in the last 3 years. This is considered superior and suggests a high margin of safety.
• As per the Du Pont analysis, Return on Equity of 13.8% is better than sector average of 13.8%. This is computed as net profit
margin of 30.9% times asset turnover [sales/assets] of 0.12 times leverage factor [total assets/shareholders' equity] of 3.7.
Ongoing Bullish Parameters

Fig 12: Rule of 40
"The stock scores a favorable 49.8 when using the Rule of 40 (Revenue Growth plus EBITDA margin)."
Fig 13: Past three-years

• No Va Land Investment rose for a third consecutive year. In the past three years it has risen VND79,104.48 (208.7%).
Fig 14: Rank in the top 3% by Size in the Vietnam market

MCap $7.4 billion In Top 2%
Ave daily Turnover VND352.8 billion ($15.2 million) In Top 3%
Fig 15: Present Value of VND1000 Invested in the Past [3 Mo, 1 Yr, 3 Yrs];
The Best Periods with PVVND1000 > 1,828
PVVND1,000 3 mo ago 1 yr ago 3 yrs ago
NVL.HOSE VND1,829 VND2,501 VND3,211
VN Index VND1,098 VND1,573 VND1,477
Fig 16: The Best Periods [3 Mo, 1 Yr, 3 Yrs] with Price Change % > 82.8
3-Year price change of 221.1% for No Va Land Investment outperformed the change of 50.6% in the VN index for a relative price
change of 170.5%.
Price Change % Quarter Year 3 Years
No Va Land Investment 82.9 150.1 221.1
Real Estate Activities sector
VN index 9.1 59.8 50.6
Fig 17: Moving Annual Return of 150.1% in the past year

Moving Annual Return was 150.1% in the past year. Based on a Quotes from Legends: Annual Return
dynamic start date of 2 years ago, the real rate of return has
averaged 78.3%. The Moving Annual Return has consistently
exceeded 6%.
NVL Close (VND) Annual Return %
Jul 06 117,000 150.1
1 Yr ago 46,786.39 6.5
Close 2 years ago VND43,944.23

Prices are adjusted for a bonus share. On June 09, 2021
shareholders received 198 additional shares for every 555 shares
held prior to that date.
Fig 18: MCap: 3-Year Increase of VND126,617 billion [$5 billion] (279%)
In the past 3 years Market Capitalization has increased by
VND126,617 billion (279%) from VND45,373 billion to VND171,990
billion. Based on a dynamic start date of 3 years ago, there has
been no decline in MCap over the last 3 years.
MCap (VND
Price MCap ($ M)
B)
Last VND117,000.0 171,990 7,395.6
1 Year ago VND46,786.39 62,244.5 2,676.5
2 Years ago VND43,944.23 56,106.1 2,412.6
3 Years ago VND36,438.0 45,373 1,951
Fig 19: Created Market Value [CMV] past 3 yrs of VND118,761 billion ($5.1
billion)
• Market Capitalization has increased by VND126,526.3 billion
from VND45,463.7 billion to VND171,990 billion in the last 3
years. This increase comprises cumulative retained earnings
(RETE) of VND7,765.2 billion and Created Market Value of
VND118,761 billion. The Created Market Value multiple,
defined by the change in MCap for every VND1 of retained
earnings is exemplary at VND16.29.
Fig 20: Increased Volume, up 15% in 4 years

In the past four years, Average Daily Volume of Trading (ADVT)
has increased 14.8% to 3 million units.
Avg. Daily Volume Traded 12 months ended Jul 06, million units
Year ADVT
2021 3.0
2020 0.6
2019 0.53
2018 2.6
Fig 21: Increased VWAP, up 47% in 4 years

In the past four years Volume Weighted Average Price (VWAP)
has increased by 47.3% to VND63,007.47. .
Past four years, 12 months ended Jul 06 (VND)
Year High Price VWAP Low Price
2021 123600.0 63007.47 43725.6
2020 47442.27 41140.84 35782.11
2019 54438.37 44475.88 36255.81
2018 57426.28 42769.07 35927.87
Fig 22: Increased unit turnover, up 316% in 4 years

In the past four years, average daily unit turnover has increased
316.0% to VND187.8 billion ($8.1 million). This suggests increased
liquidity.
Past four years, 12 months ended Jul 06 (VND billion)
Year Average Daily Turnover
2021 187.8
2020 33.7
2019 31.8
2018 45.2
Fig 23: Satisfies two criterion of Benjamin Graham

• "Current ratio of two or more"; current assets are 4 times current liabilities.
• "Total debt equal or less than twice the net quick liquidation value"; total debt of VND34590.3 billion (US$1.5 billion) is 0.9 times
the net liquidation value of VND36682.14 billion (US$1.6 billion).
Fig 24: % Change (Tr. 12 Mo): Unit (150.1%) v Index (59.8%)

In the past 12 months No Va Land Investment has outperformed the VN index by 90.2%.
Fig 25: Turnover Period Above Average
Bearish Signals
Fig 26: Rank in the bottom 1% by Relative Valuation in the Vietnam market
Price to Book Value 9.8 In Bottom 1%
Other Bearish Signals

• Total Liabilities/EBITDA of 12.1 is more than or equal to 5, this compares unfavourably with the Joseph Piotroski benchmark of 5.
Overbought/Bearish Signals
• The Relative Strength Index (RSI) of 71.7 has penetrated the overbought line of 70, suggesting the price gain of 14.5% in the last
14 days is unusually high.
Ongoing Bearish Parameters

Fig 27: Satisfies 3 out of 9 criterion of Joseph Piotroski [pass mark 5]
• Positive net income.
• Positive operating cashflow.
• Improvement in current ratio from 1.8 to 4.
Fig 28: Global Rank [out of 47,687 stocks]

Description Value Rank Quartile
MCap ($ B) 7.4 2,598 Top
Total Assets ($ B) 3.9 5,228 Top
Revenue ($ M) 470 9,920 Top
Net Profit ($ M) 147.3 4,082 Top
Return on Equity % 13.8 7,031 Top
Net Profit Margin % 30.9 3,127 Top
Price to Book 9.7 31,677 Third
PV$1000 (1Year) $* 2,501 5,222 Top
$* Change (1Year) % 152.9 5,055 Top
Rel Strength 6 Mo ($) 96 1,805 Top
* 1 year ago USD 1 = VND 23,255.81; Jul 06, 2021: USD 1 = VND 23,255.81
Tax
Fig 29: Average Income Tax Paid (Past 3 Years)

In the past 3 years, Income Tax as % of profit before tax decreased from 30.5% to 20.7% and Income Tax as % of operating cash flow
decreased from 30.5% to 16.3%.
Description 2019 2018 2017 3-yr avg
As % of profit before tax 20.7 30.1 30.5 27.1
As % of operating cash flow 16.3 23.3 30.5 23.4
Financials FY 2019
Fig 30: Annual Report (FY 2019): Key Parameters

No Va Land Investment Net Profit up 6.2%
Release Date: February 13, 2020
No Va Land Investment (HOSE:NVL) reported net profit for the year-ended 31 December 2019 [FY2019] of VND3,426b ($US148m), up
6.2% from VND3,227b ($US139m) in the previous year [FY2018].
Major changes compared with previous year (FY2019 vs FY2018):

Favourable Changes:
• Net profit up 6.2% from VND3,227.0b ($US139.2m) to VND3,426.1b ($US148.0m)
• EBIT Margin up from 38.7% to 49.1%
• Interest cover up 7.3% from 4.4 to 4.7
• Profit before tax to Sales up from 29.9% to 38.7%
• Working capital to total assets up from 32.7% to 59.2%
• Retained earnings to total assets up from 8.7% to 9.7%
• Total current assets to Total Assets up from 72.7% to 79.2%
Unfavourable Changes:
• Total revenue down 28.5% from VND15,290.4b ($US659.4m) to VND10,931.0b ($US472.2m)
• EBIT to total assets down from 8.7% to 6.0%
• Total revenue to total assets down from 0.2 to 0.1
• Cost of Goods Sold to Sales up from 64.8% to 70.5%
• Administration expenses to Sales up from 4.8% to 10.9%
• Interest expenses to Sales up from 8.8% to 10.5%
• Total non-current assets to Total Assets down from 27.3% to 20.8%
• Long-term investments to Total Assets down from 26% to 17%
• Total Liabilities to EBITDA of 12.1 compares unfavourably with the Joseph Piotroski benchmark of <5. This ratio has deteriorated
by 48.2% from the previous year's ratio of 8.2.
• Total Liabilities to Operating Cash Flow of 21.5 compares unfavourably with the Joseph Piotroski benchmark of <4. However, it
has improved by 75% from the previous year's ratio of 86.0.
Note:
www.BuySellSignals.com Source: Annual/Quarterly Report Page 11

• Tax expenses to Sales down from 9% to 8%

• Debt to Equity steady at 1.4
• Total liabilities to Total assets steady at 0.7
• Current Inventory to Total Assets up from 47% to 63.6%
• Intangibles to Total Assets down from 9.4% to 7.8%
Fig 31: Year-on-year comparison of Performance Ratios [FY2019 vs FY2018]

December 31 FY2019 FY2018 Change (%)
Debt/Equity (Up 3.7% from 1.36 to 1.41) 1.4 1.4 Up 3.7
Total Liabilities/Total Assets (Up 2.8% from 0.71 to 0.73) 0.7 0.7 Up 2.8
Interest Cover 4.7 4.4 Up 7.3
Common Size Ratios by Assets %
Total current assets to Total Assets 79.2 72.7 Up 8.9
Current Inventory to Total Assets 63.6 47.0 Up 35.5
Total non-current assets to Total Assets 20.8 27.3 Down 23.7
Long-term investments to Total Assets 17.0 26.0 Down 34.6
Intangibles to Total Assets 7.8 9.4 Down 16.9
Common Size Ratios by Sales %
Cost of Goods Sold to Sales 70.5 64.8 Up 8.8
Profit before tax to Sales 38.7 29.9 Up 29.4
Administration expenses to Sales 10.9 4.8 Up 129.2
Interest expenses to Sales 10.5 8.8 Up 18.8
Tax expenses to Sales 8.0 9.0 Down 11.2
Currency Conversion (December 31, 2019): $US1 = VND23150.82

Currency Conversion (December 31, 2018): $US1 = VND23189.44
Three-year record of growth and performance:

In the last 3 years EBITDA averaged VND5,398B ($US233.2M) and Net Profit averaged VND3,297.6B ($US142.4M).
Annual (VND Annual ($US 3-year Avg 3-year Avg 3-year CAGR
Description
B) M) (VND B) ($US M) %
EBITDA 5,418.7 234.1 5,398 233.2 17.9
Operating Profit 5,418.7 234.1 5,398 233.2 17.9
Net Profit 3,426.1 148 3,297.6 142.4 27.2
Three-year record of EBITDA, Operating Profit, Net Profit, ROE, ROA and ROCE
In 2019 Net Profit Margin of 30.7% was above its 3-year Avg of 24.2% (All Figures in %)

Description 2019 3-year Avg

EBITDA Margin 49.1 39.4
Operating Profit Margin 49.1 39.4
Net Profit Margin 30.7 24.2
Return on Equity 13.8 15.3
Return on Assets 3.8 4.4
Return on Capital Employed 7.5 11.1
Peer Group Analysis & Ranking
Fig 32: BuySellSignals Fundamentals Valuation Ranking: No Va Land

Investment vs Vietnam Market
Out of 691 stocks in the Vietnam Market, No Va Land Investment is ranked fifteenth by Net Profit $, Thirty-eighth by EBITDA Margin%,
222nd by ROE and 390th by ROA.
Vietna Lowest
NVL Rank Rank 1 Rank 2 Rank 3
m Avg Rank
Net Profit $ 8.6 M 147.3 M 15 796.1 M 588.2 M CTG 577.9 M HPG (469.9 M)
VCB HVN
EBITDA Margin% 10.7 49.6 38 87.7 PHR 83.7 DRH 80.9 SID (81.9)
VE1
ROE (%) 11.4 13.8 222 61.2 QNC 50.5 NCT
ROA (%) 2.5 3.8 390 90.2 VNH 41.2 NCT 32.4 NNC 0.001
NVB
Total Debt/Equity (the lower the better) 0.8x 1.4x 428 0.002x SAS 0.003x SRB 0.003x CLL 8.4x HLC
Price/Net Tangible Assets 2.7x 9.8x 632 0.2x SPM 0.2x TIE 0.2x LCM
Premium to 52-Wk Low (%) 76.1 167.6 680 2.5 HNG 3.2 VNS 3.7 TMX 1825 SPI
Discount to 52-Wk High (%) 5.4 5.3 807 80.7 DAT 76.8 VTS 73.2 DL1 1.1 VC2
Negative values are shown in brackets.

Fig 33: Global Rank [out of 47,687 stocks] and Rank of No Va Land
Investment in the Asia Region [out of 24,361 stocks]
Description Value Global Rank In Asia Region
MCap ($) 7.4B 2,598 874
Total Assets ($) 3.9B 5,228 2,110
Revenue ($) 470M 9,920 5,090
Net Profit ($) 147.3M 4,082 1,699
Return on Equity % 13.8 7,031 3,761
Net Profit Margin % 30.9 3,127 1,252
Price to Book 9.7 31,677 20,115
PV1000 (1Year) $* 2,501 5,222 2,550
$* Change (1Year) % 152.9 5,055 2,458
* 1 year ago $1 = VND 23,255.81

Jul 06, 2021: $ 1 equals VND 23,255.81
Fig 34: Rank of No Va Land Investment in the Total Vietnam Market [out of
932 stocks]
Description Value In Total Vietnam Market
Return on Equity % 13.8 217
Net Profit Margin % 30.9 73
Price to Book 9.8 821
PV1000 (1Year) VND 2,501 139
News Archives (Mar 2018 - Mar 2021)

Fig 35: AGM
March 25 No Va Land Investment announces AGM
No Va Land Investment has announced its Annual General Meeting will take place on Tuesday, April 27.
May 04 2020 No Va Land Investment announces AGM
No Va Land Investment has announced its Annual General Meeting will take place on Friday, June 05.
February 08 2020 NVL: Information on Binh Khanh Project
"Binh Khanh Residential Project owned by 21st Century International Development Co., Ltd, which is a
subsidiary of Novaland Group, is a residential project located in Binh Khanh Ward, District 2, Ho Chi Minh City
with a site area of 30ha. The project was granted the Investment Decision No.3990/QD-UBND by Ho Chi Minh
City People's Committee and is gradually under the relevant legal procedure completion.
March 12 2019 No Va Land Investment announces AGM
No Va Land Investment has announced its Annual General Meeting will take place on Friday, April 26.
Fig 36: Changes in Board (TTM)

July 17 2020 No Va Land Investment Independent Director resigns
No Va Land Investment Nguyen Thanh Bich Thuy,Independent Director has resigned. The effective date is
July 17, 2020.
July 10 2018 No Va Land Investment appoints Auditor
No Va Land Investment has appointed PricewaterhouseCoopers (Vietnam) Limited as Auditor. The effective
date is Monday, July 09.
Fig 37: Share Capital

January 19 No Va Land Investment announces Right Issue
No Va Land Investment has announced a 89 for 7 rights issue effective Wednesday, January 20. To subscribe
to new shares the price has been fixed at VND59,200.0.
January 02 2020 NVL: Result of the preferred share conversion
No Va Land Investment Group Corporation (NVL) announces the result of the preferred share conversion as
follows:
April 06 2018 NVL: Result of stock issuance to raise capital
No Va Land Investment Group Corporation announced the result of stock issuance to raise capital from the
owner's equityas follows:
1) Information on stock:
- Stock name: No Va Land Investment Group Corporation
- Stock type: common share
- Stock code: NVL
- Par value: 10,000 dongs/share
- Number of outstanding shares: 652,638,750 shares
- Number of treasury shares: 0 share
- Number of shares expected to be issued: 202,318,012 shares
- Purpose of stock issuance: to raise capital from the owner's equity.
- Ex-right date: March 27, 2018
- Record date: March 28, 2018
- Expected trading date: April 2018.
2) Result of stock issuance:
- Number of distributed shares: 202,317,178 shares
- Number of distributed shareholders: 2651 shareholders
- Plan to deal with fractional shares: The number shares of issue will be rounded down, the fractional shares
will be cancelled.
- Total number of current shares on April 04, 2018, in which:
+ Number of outstanding shares: 854,955,928 shares

+ Number of treasury shares: 0 share.
March 27 2018 NVL: Notice of stock issuance for capital increase
No Va Land Investment Group Corporation announced the information on a stock issuance to increase its
share capital from the owner's equity:
1) Stock name: Stock ofNo Va Land Investment Group Corporation
2) Stock type: common share
3) Par value: VND10,000/share
4) Total volume: 659,468,750 shares
5) Outstanding voting volume: 652,638,750 shares
6) Treasury volume: 0 shares
7) Expected issue volume: 202,318,012 shares
8) Total issue value: VND2,023,180,120,000.
9) Issue ratio (Expected issue volume/Total volume): 100:31 (Those who own 100 shares will be received 31
new shares.)
10) Record date: March 28, 2018
11) Plan to deal with fractional shares: The distributed shares will be rounded down. The fractional shares (if
any) will be cancelled.
Fig 38: Meetings

May 22 2020 NVL: Information on the documents of AGM 2020 via the website
No Va Land Investment Group Corporation announces the documents of Annual General Meeting 2020 via
the company's website: https://www.novaland.com.vn
April 16 2020 NVL: NVL allowed to extend the time for holding AGM 2020
On April 13, 2020, the Department of Planning and Investment of HCM city issued a document allowing No
Va Land Investment Group Corporation to extend submission date of the time for holding AGM 2020 not over
06 months from the last day of fiscal year (latest before June 30, 2020).
April 11 2020 NVL: Cancellation of record date for AGM 2020
On April 08, 2020, the Hochiminh Stock Exchange issued Announcement No.578/TB-SGDHCM about the
cancellation of record date (March 24, 2020) for the holding of Annual General Meeting 2020 of No Va Land
Investment Group Corporation due to the company changes the time to hold the Annual General Meeting
2020.
March 11 2020 NVL: Record date for Annual General Meeting 2020
On March 06, 2020, the Hochiminh Stock Exchange issued Announcement No.297/TB-SGDHCM about the
record date of No Va Land Investment Group Corporation (stock code: NVL) as follows:
June 14 2018 NVL: Board resolution on capital contribution
According to the Board resolution dated June 11, 2018, the Board of Directors of No Va Land Investment
Group Corporation approved to contribute additional VND5,481,390,000,000, equivalent to 548,139,000
common shares, into My Dinh No Va Land Joint Stock Company. After completing the capital contribution,
No Va Land Investment Group Corporation will own 550,138,600 shares, equivalent to VND5,501,386,000,000,
accounting for 99.99% charter capital of My Dinh No Va Land Joint Stock Company.
June 01 2018 NVL: Board Resolution _ May 30, 2018
According to the Board resolution dated May 30, 2018, the Board of Directors of No Va Land Investment
Group Corporation approved the following contents:
1) To fulfill procedure at the Planning and Investment Department of Hochiminh City to register to increase
the Company's charter capital from VND8,617,859,280,000 to VND9,142,859,280,000.
2) To amend the Articles of Association regarding the new charter capital of VND9,142,859,280,000.
Source : FPT Securities
May 04 2018 NVL: Link to Resolution on the 2018 Annual General Meeting
No Va Land Investment Group Corporation announced Resolution on the 2018 Annual General Meeting on
the website of No Va Land Investment Group Corporation:www.novaland.com.vn
Fig 39: Funding/Capital

December 17 2020 REPORT ON CONVERSION OF CONVERTIBLE BONDS INTO ORDINARY SHARES NO VA LAND INVESTMENT GROUP
CORPORATION
REPORT ON CONVERSION OF CONVERTIBLE BONDS INTO ORDINARY SHARES NO VA LAND INVESTMENT GROUP
CORPORATION
May 23 2018 NVL: Report on the result of private placement
No Va Land Investment Group Corporation reports the result of private placement as follows:
I. Stock in the private placement:
1) Stock name: Stock of No Va Land Investment Group Corporation
2) Stock type: common stock
3) Par value: VND10,000/share
4) Offering volume: 52,500,000 shares
5) Total expected mobilized capital: VND3,403,942,500,000.
6) Beginning date of the private placement: May 14, 2018
7) Ending date of the private placement: May 16, 2018
II. Result of the private placement:
1) Total distributed volume: 52,500,000 shares (100% total offering volume)
2) Selling price: VND64,837 /share
3) Total proceeds from the offering: VND3,403,942,500,000
4) Total expenses: VND79,365,625,000.
5) Total net proceeds: VND3,324,576,875,000.
April 26 2018 NVL: Resolution on the conditions of international convertible bond
On April 20, 2018, the Board of Directors of No Va Land Investment Group Corporation approved the terms
and conditions of bond as follows:
- Bond name: International convertible bond of No Va Land Investment Group Corporation
- Bond type: convertible, unsecured bond
- Par value: USD200,000/bond, equivalent to VND4,554,600,000/bond (the fixed exchange rate: 22,773
VND/USD)
- Issue volume: 800 bond
- Issue value: USD160,000,000.
- Interest rate: 5.50%/year, paid once every six months
- Repurchase rate: 6.25%/year, calculated once every six months
- Conversion price: VND74,750/share (the fixed exchange rate: 22,773 VND/USD)
- Conversion ratio: 60,931 share/bond (can be adjusted based on the conversion price)
- Number of shares estimated to be issued for conversion: 48,744,800 shares (can be adjusted based on the
conversion price).
April 26 2018 NVL: Adjustment of private placement plan
On April 23, 2018, the Board of Directors of No Va Land Investment Group Corporation approved to adjust
the Resolution No.28/2018-QD-NVLG dated April 09, 2018 regarding the plan for 2018 private placement as
follows:
- Offering shares volume: 52,500,000 shares
- Minimum offering price: 64,837 dongs/share
- Maximum offering price: 64,837 dongs/share
Total proceeds from offering: expected about VND3,403,942,500,000.
April 17 2018 NVL: Board approves the conditions of international convertible bond
On April 12, 2018, the Board of Directors of No Va Land Investment Group Corporation approved principle
terms and conditions of bond as follows:
- Maximum issue value: USD 300,000,000
- Issue method: the international convertible bond listed on Singapore Stock Exchange (SGX)
- Estimated par value: USD 200,000/bond
- Maximum issue value: 1,500 bonds

- Estimated conversion price: VND64,000/share (the fixed exchange rate: 22,800 VND/USD)
- Conversion ratio: 71,250 shares/bond (can be adjusted based on the conversion price)
- Number of shares estimated to be issued: 106,875,000 shares (can be adjusted based on the conversion
price).
April 12 2018 NVL: Plan for private placement of 80 million shares
No Va Land Investment Group Corporation reports the result of private placement in 2018 as follows:
- Offering volume: 80,000,000 shares
- Minimum selling price: VND30,000/share
- Maximum selling price: VND90,000/share
- Time of implementation: in 2018.
April 02 2018 NVL: Information on issuance of convertible bonds to the international market
On March 29, 2018, the Board of Directors of No Va Land Investment Group Corporation approved to plan
for the issuance of convertible bonds to the international market.
Fig 40: Press Releases

March 30 Result of public offering
On March 26, 2021, No Va Land Investment Group Corporation reports the result of public offering as follows:
March 15 NVL: Explanation for 2020 audited separate financial statements
No Va Land Investment Group Corporation has explained the difference of 2020 audited separate financial
statements compared to the same period of last year as follows:
March 15 NVL: Explanation for 2020 audited consolidated financial statements
No Va Land Investment Group Corporation has explained the difference of 2020 audited consolidated
financial statements compared to the same period of last year as follows:
February 23 Updating content to seek shareholders' approval
HOSE announces the changes in Announcement No.129/TB-SGDHCM dated January
27, 2021 as follows:
January 29 NVL: Record date for seeking shareholders' approval
The Hochiminh Stock Exchange announced the record date as follows:
January 28 NVL: Issuance of 15th Revised Securities Registration Certificate
Vietnam Securities Depository - Ho Chi Minh Branch would like to announce issuance of the 15th revised
Securities Registration Certificate No. 195/2016/GCNCP-VSD-15 dated 21st January 2021 due to additional
securities registration for issuer as follows:
January 28 Announcement of the change of listing
On January 26, 2021 HOSE issued Announcement No.122/TB-SGDHCM regarding the change of listing of NO
VA LAND
January 28 NVL: Notice of change of the time for rights transference
On January 25, 2021, the Hochiminh Stock Exchange issued Announcement No.119/TB-SGDHCM about the
change of the time for rights transference and subscription to buy shares of No Va Land Investment Group
Corporation as follows:
January 28 NVL: Change of the time for rights transference
On January 19, 2021, No Va Land Investment Group Corporation announces the change of the time for
rights transference and subscription to buy shares as follows:

January 12 NVL: NVL receives a certificate to issue new shares
On December 31, 2020, the State Securities Commission of Vietnam granted Certificate No.350/UBCK-GCN
to No Va Land Investment Group Corporation so that No Va Land Investment Group Corporation can offer
its shares to the public as follows:
January 06 NVL: Changes in 54th Business Registration Certificate
No Va Land Investment Group Corporation announces the changes in 54th Business Registration Certificate
due to changing the company's charter capital to VND 9,862,852,970,000, effective from December 31,
2020.
December 31 2020 NVL: Issuance of 14th Revised Securities Registration Certificate
Securities Registration Certificate No. 195/2016/GCNCP-VSD-14 dated 24th December 2020 due to additional
November 21 2020 Report on the result of bond conversion
No Va Land Investment Group Corporation announces the result of bond conversion as follows:
October 31 2020 Decision on the change of listing
On October 28, 2020 HOSE issued Decision No.686/QD-SGDHCM to allow NO VA LAND INVESTMENT GROUP
CORPORATION (securities code: NVL) to change the listing as follows:
October 16 2020 NVL: Changes in 51st Business Registration Certificate
No Va Land Investment Group Corporation announces the changes in 51st Business Registration Certificate
due to changing the company's charter capital to VND 9,708,312,670,000, effective from October 12, 2020.
October 13 2020 NVL: Information on the documents to collect shareholders' opinions in writing
No Va Land Investment Group Corporation announces the documents to collect shareholders' opinions in
writing via the company's website address: www.novaland.com.vn.
October 10 2020 NVL: Announcement of the change of listing
On October 07, 2020, HOSE issued Announcement No.1678/TB-SGDHCM regarding the change of listing of
No Va Land Investment Group Corporation (stock code: NVL) as follows:
October 10 2020 NVL: Issuance of 11th Revised Securities Registration Certificate
Securities Registration Certificate No. 195/2016/GCNCP-VSD-11 dated 5th October 2020 due to additional
October 09 2020 NVL: Decision on the change of listing
On October 07, 2020, HOSE issued Decision No.597/QD-SGDHCM to allow No Va Land Investment Group
Corporation (securities code: NVL) to change the listing as follows:
September 25 2020 NVL: Issuance of 10th Revised Securities Registration Certificate
Securities Registration Certificate No. 195/2016/GCNCP-VSD-10 dated 21st September 2020 due to additional
September 24 2020 Decision on the change of listing
On September 22, 2020 HOSE issued Decision No.555/QD-SGDHCM to allow NO VA LAND INVESTMENT
GROUP
September 24 2020 Announcement of the change of listing
On September 22, 2020 HOSE issued Announcement No.1599/TB-SGDHCM regarding the change of listing of
NO VA LAND
September 17 2020 Report on the result of bond conversion
No Va Land Investment Group Corporation announces the result of the third bond conversion as follows:
September 04 2020 NVL: Document to collect shareholders' opinions via the website
No Va Land Investment Group Corporation announces the documents to collect shareholders' opinions in
writing via the company's website: https://www.novaland.com.vn.
August 26 2020 Report on the result of bond conversion
No Va Land Investment Group Corporation announces the result of the third bond conversion as follows:
August 19 2020 NVL: Record date for seeking shareholders' approval
August 15 2020 Report on the result of bond conversion
No Va Land Investment Group Corporation announces the result of bond conversion as follows:
May 14 2020 NVL: Notice of seeking shareholders' approval
No Va Land Investment Group Corporation announced the documents for seeking shareholders' approval in
writing as follows:
April 22 2020 NVL: NVL allowed to extend the submission of financial statements
On January 17, 2020, the State Securities Commission issued a document allowing No Va Land Investment
Group Corporation to extend submission date of financial statements.
April 15 2020 NVL: Record date for seeking shareholders' approval
April 09 2020 NVL: Record date for seeking shareholders' approval
March 31 2020 Announcement of the change of listing
On March 27, 2020 HOSE issued Announcement No.487/TB-SGDHCM regarding the change of listing of NO
VA LAND INVESTMENT GROUP CORPORATION (stock code: NVL) as follows:
March 27 2020 NVL: Issuance of 9th Additional Securities Registration Certificate
Securities Registration Certificate No. 195/2016/GCNCP-VSD-9 dated 23rd March 2020 due to additional
March 27 2020 Decision on the change of listing
On March 25, 2020 HOSE issued Decision No.129/QD-SGDHCM to allow NO VA LAND INVESTMENT GROUP
March 19 2020 NVL: Notice of cancellation of record date
Hochiminh Stock Exchange announces the cancellation of record date of No Va Land Investment Group
Corporation as follows:
March 17 2020 NVL: Cancellation of the record date for postal ballot
Pusuant to Notice no.07/2020-TB-NVLG dated 12th March 2020 as regards cancellation of notice of fixing
shareholder list for postal ballot of No Va Land Investment Group Corporation, Vietnam Securities Depository
(VSD) - Hochiminh Branch would like to announce cancellation of the record date in notice no.204/TB-
CNVSD dated 25th February 2020 by VSD's Branch as follows
February 27 2020 NVL: Record date to collect shareholders' opinion
On February 26, 2020, the Hochiminh Stock Exchange issued Announcement No.220/TB-SGDHCM about the
record date of No Va Land Investment Group Corporation as follows:
February 18 2020 NVL: Notice of dissolution of an associated company
No Va Land Investment Group Corporation announces the dissolution of an associated company as follows:
February 13 2020 NVL: Record date for seeking shareholders' approval
January 17 2020 NVL: NVL asks for the extension of submission of financial statements
No Va Land Investment Group Corporation sent documents to HOSE to ask for the extension of submission for
financial statements.
December 27 2019 Decision on the change of listing
On December 24, 2019 HOSE issued Decision No.565/QD-SGDHCM to allow NO VA LAND INVESTMENT GROUP
December 24 2019 NVL: Issuance of 8th Revised Securities Registration Certificate
December 19 2019 NVL: Changes in 49th Business Registration Certificate
No Va Land Investment Group Corporation announces the changes in 49thBusiness Registration Certificate
due to changing the company's charter capital to VND9,558,807,970,000, effective from December 16, 2019.
November 05 2019 NVL: Explanation of separate FS in Q3.2019
No Va Land Investment Group Corporation (NVL) explained the change on the business result based on the
separate financial statement in the third quarter of 2019 compared to the same period last year as follows:
Source: arabfinance.com
November 05 2019 NVL: Explanation of consolidated FS in Q3.2019
No Va Land Investment Group Corporation (NVL) explained the change on the business result based on the
consolidated financial statement in the third quarter of 2019 compared to the same period last year as
follows:
Source: arabfinance.com
September 10 2019 NVL: Changes in 48th Business Registration Certificate
No Va Land Investment Group Corporation announces the changes in 48thBusiness Registration Certificate
due to changing the company's Legal Representative who is Mr. Bui Xuan Huy - CEO, effective from
September 06, 2019.
August 09 2019 NVL: Record date for seeking shareholders' approval
August 03 2019 NVL: Explanation of the consolidated FS of 2nd quarter of 2019
Pursuant to the Finance Ministry's Circular No.155/2015/TT-BTC on the disclosure of information. No Va Land
Investment Group Corporation (NVL) explained the consolidated profit after tax of the 2nd quarter of 2019.
Accordingly, the profit after tax changes over 10% compared to the same period last year as follows:
August 03 2019 NVL: Explanation of the separate FS of 2nd quarter of 2019
Pursuant to the Finance Ministry's Circular No.155/2015/TT-BTC on the disclosure of information. No Va Land
Investment Group Corporation (NVL) explained the separate profit after tax of the 2nd quarter of 2019.
Accordingly, the profit after tax changes over 10% compared to the same period last year as follows:
July 09 2019 NVL: Decision on tax penalties
No Va Land Investment Group Corporation received the decision of tax inspection by the Taxation
Department of Ho Chi Minh City dated July 04, 2019 regarding the tax penalty in 2018 with total amount of
VND5,600,000.
January 31 2019 NVL: Decision on tax penalties
On January 29, 2019, No Va Land Investment Group Corporation received the decision of tax inspection by
the Taxation Department of Ho Chi Minh City regarding the tax penalty in 2017 with total amount of
VND2,100,000.
January 18 2019 NVL: Announcement of the change of listing
On January 16, 2019, HOSE issued Announcement No.44/TB-SGDHCM regarding the change of listing of No
Va Land Investment Group Corporation (stock code: NVL) as follows:
January 15 2019 NVL: Decision on the change of listing
On January 11, 2019, HOSE issued Decision No.09/QD-SGDHCM to allow No Va Land Investment Group
- Number of shares before additional listing: 907,776,674 shares
- Additional volume: 22,670,000 shares
- Total additional value (based on par value): VND226,700,000,000
- Number of shares after additional listing: 930,446,674 shares
- Total value after additional listing: VND9,304,466,740,000
- Effective date of the listing license: January 15, 2019
- Reason of change: This is the number of shares issued to the Employee Stock Ownership Plan (ESOP).
January 10 2019 NVL: NVL asks for the extension of submission of financial statements
No Va Land Investment Group Corporation sent documents to HOSE to ask for the extension of submission for
financial statements.
- For the quarterly financial statements: within 30 days from the last day of quarter;
- Reviewed semi-annual financial statements: within 60 days from the last day of first six months of fiscal year.
However, the request of NVL will be reviewed by the State Securities Commission.
January 10 2019 NVL: Issuance of 7th Additional Securities Registration Certificate
Vietnam Securities Depository - Hochiminh Branch would like to announce issuance of the 7th revised
Securities Registration Certificate No. 195/2016/GCNCP-VSD-7 dated 7th January 2019 due to additional
December 28 2018 NVL: Notice of adjustment of foreign ownership ratio
According to the Official Document dated December 21, 2018 by the Vietnam Securities Depository, the
foreign ownership ratio of No Va Land Investment Group Corporation (NVL) will be adjusted from 49% down
to 38.3%, effective from December 24, 2018.
December 19 2018 NVL: Announcement of the change of listing
On December 14, 2018, HOSE issued Announcement No.1517/TB-SGDHCM regarding the change of listing of
No Va Land Investment Group Corporation (stock code: NVL) as follows:
December 18 2018 NVL: Decision on the change of listing
On December 14, 2018, HOSE issued Decision No.512/QD-SGDHCM to allow No Va Land Investment Group
December 15 2018 NVL: Issuance of 6th Additional Securities Registration Certificate
Vietnam Securities Depository - Hochiminh Branch would like to announce issuance of the 6th revised
December 07 2018 NVL: Postal Ballot
Vietnam Securities Depository (VSD) would like to announce the record date as follows:
September 11 2018 NVL: Termination of operation of branch
No Va Land Investment Group Corporation announces the termination of operation of No Va Land Group
Real Estate Exchange Floor branch at 23 Nguyen Huu Tho Street, Tan Hung Ward, District 7, Ho Chi Minh City,
effective from September 06, 2018.
September 04 2018 NVL: Termination of operation of representative office
On August 30, 2018, No Va Land Investment Group Corporation announces the termination of operation of
representative office at No.23 Nguyen Huu Tho Street, Tan Hung Ward, District 7, Ho Chi Minh City.
July 05 2018 NVL: Postal Ballot
Vietnam Securities Depository (VSD) would like to announce the record date as follows:
Issuser's name: No Va Land Investment Group Corporation
Securities name: Shares of No Va Land Investment Group Corporation
Securities code: NVL
ISIN: VN000000NVL0
Par value: 10,000 VND
Trading Platform: HOSE
Securities type: Common share and convertible dividend-preferred share
Record date: 19/07/2018
- Reason and purpose: Postal Ballot
- Execution rate:
+ For common shares:1 share - 1 voting right
+ For convertible preferred shares: no voting right
- Planned meeting time: from 24th July to 8th August 2018
- Meeting venue: No Va Land Investment Group Corporation, 65 Nguyen Du, Ben Nghe ward, district 1,
Hochiminh city
- Meeting agenda: Change of withdrawal scheme under employee selection program in 2017 approved
under resolution no.20/2018-NQ.DHDCD-NVLG at 2018 annual general meeting dated 26th April 2018.
June 27 2018 NVL: Notice of establishment of branch
According to the Board resolution dated June 25, 2018, the Board of Directors of No Va Land Investment
Group Corporation approved the establishment of branch as follows:
- Name of branch: Branch of No Va Land Investment Group Corporation - Novaland Nguyen Thi Minh Khai
Real Estate Trading Floor
- Address: 125 Cach Mang Thang Tam, Ben Thanh ward, district 1, Hochiminh city.
- Business function: Consultancy, brokerage, real-estate auction, land use right auction.
- Manager of the branch: Duong Thi Thuy Thuy.
June 26 2018 NVL: Decision on the change of listing
On June 21, 2018, HOSE issued a decision to allow No Va Land Investment Group Corporation (securities
code: NVL) to change the listing as follows:
- Number of shares before additional listing: 854,955,928 shares
- Additional volume: 52,500,000 shares
- Total additional value (based on par value): VND525,000,000,000
- Number of shares after additional listing: 907,455,928 shares
- Total value after additional listing: VND9,074,559,280,000
- Effective date of the listing license: June 25, 2018
- Reason of change: private placement to the strategic investors.
May 21 2018 NVL: Terminating the branch and representative office operation
No Va Land Investment Group Corporation issued Resolution No.40 and Resolution No.41 on terminating the
branch and representative office operation at 23 Nguyen Huu Tho, Tan Hung Ward, District 7, Ho Chi Minh as
from May 18, 2018.
INDEX (Click tab for direct access)

Section 1 No Va Land Investment (NVL) 1
Fig 4: Long-Term Fundamental Ranking: 4 out of 5 [5 is best] 2
Section 2 Past Quarter News 2
Fig 5: Share Capital 2
Fig 6: Meetings 2
Fig 7: Funding/Capital 2
Fig 8: Press Releases 3
Section 3 Corporate Profile 4
Fig 9: Activities 4
Fig 10: Contact Details 4
Section 4 Bullish Signals 4
Fig 11: Rank in the top 18% by Price Performance in the Vietnam market 4
Uptrend 4
Undervaluation 5
Other Bullish Signals 5
Section 5 Ongoing Bullish Parameters 5
Fig 12: Rule of 40 5
Fig 13: Past three-years 5
Fig 14: Rank in the top 3% by Size in the Vietnam market 5
Fig 15: Present Value of VND1000 Invested in the Past [3 Mo, 1 Yr, 3 Yrs]; The Best Periods with PVVND1000 > 1,828 5
Fig 16: The Best Periods [3 Mo, 1 Yr, 3 Yrs] with Price Change % > 82.8 6
Fig 17: Moving Annual Return of 150.1% in the past year 6
Fig 18: MCap: 3-Year Increase of VND126,617 billion [$5 billion] (279%) 6
Fig 19: Created Market Value [CMV] past 3 yrs of VND118,761 billion ($5.1 billion) 7
Fig 20: Increased Volume, up 15% in 4 years 7
Fig 21: Increased VWAP, up 47% in 4 years 7
Fig 22: Increased unit turnover, up 316% in 4 years 8
Fig 23: Satisfies two criterion of Benjamin Graham 8
Fig 24: % Change (Tr. 12 Mo): Unit (150.1%) v Index (59.8%) 8
Fig 25: Turnover Period Above Average 9
Section 6 Bearish Signals 10
Fig 26: Rank in the bottom 1% by Relative Valuation in the Vietnam market 10
Other Bearish Signals 10
Overbought/Bearish Signals 10
Section 7 Ongoing Bearish Parameters 10
Fig 27: Satisfies 3 out of 9 criterion of Joseph Piotroski [pass mark 5] 10
Fig 28: Global Rank [out of 47,687 stocks] 10
Section 8 Tax 11
Fig 29: Average Income Tax Paid (Past 3 Years) 11
Section 9 Financials FY 2019 11
Fig 30: Annual Report (FY 2019): Key Parameters 11
Fig 31: Year-on-year comparison of Performance Ratios [FY2019 vs FY2018] 12
Section 10 Peer Group Analysis & Ranking 13
Fig 32: BuySellSignals Fundamentals Valuation Ranking: No Va Land Investment vs Vietnam Market 13
Fig 33: Global Rank [out of 47,687 stocks] and Rank of No Va Land Investment in the Asia Region [out of 24,361
stocks] 14
Fig 34: Rank of No Va Land Investment in the Total Vietnam Market [out of 932 stocks] 14
Section 11 News Archives (Mar 2018 - Mar 2021) 15
Fig 35: AGM 15
Fig 36: Changes in Board (TTM) 15
Fig 37: Share Capital 15
Fig 38: Meetings 16
Fig 39: Funding/Capital 17
Fig 40: Press Releases 18
Glossary
Annual Return (Fig 17): Return on Equity (Shareholders' Funds) (Fig 28, 31, 33, 34):
Dividends Paid In a 12-Month Period/Price at the Beginning of the Period Net Profit/Net Assets (%)
+ Capital Gain or Loss over 1 Year/Price 1 Year Ago (%) TTM (Fig 36):
Capital Gain/Loss from n Years Ago to n-1 Years Ago: Trailing 12 Months
Capital Gain or Loss over 1 Year/Price 1 Year Ago (%) Turnover Period (Fig 25):
Interest Cover (Fig 31): Time Period required for trading all Outstanding Shares
Earnings Before Interest and Tax/Interest (times) Turnover Rate (Fig 25):
Moving Average Price (n periods) (Fig 11): Vietnamese Dong value of annual trading volume as a percentage of
Sum of Prices for each Period/Number of Periods market capitalisation
PVVND1000 (Fig 11, 33, 34, 15): Volatility:
Present value of VND1000 invested 1 year/'n' years ago Highest Price minus Lowest Price/Lowest Price (%)
Price Close/Moving Avg Price (Fig 11): Volume Index (VI):
Latest Price/Moving Average Price Number of shares traded in the period/Average number of shares
Price/NTA (Fig 26, 28, 33, 34): traded for the period
Closing Share Price/Net Tangible Assets Per Share (times) Volume Weighted Average Price (VWAP) (Fig 21):
Relative Strength (n-th Period) (Fig 11, 28): The Volume Weighted Average Price (VWAP) is the summation of
Price close today/Price close 'n' periods ago, then ranked by percentile turnover divided by total volume in the same period.
within the entire market.
Return on Assets (Fig 31):
Net Profit/Total Assets (%)
Momentum Up Price increase fuelled by above average Volume
Weak Momentum Up Price increase on below average Volume
Momentum Down Price decrease fuelled by above average Volume
Weak Momentum Down Price decrease on below average Volume
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Research Report: No Va Land Investment

Includes FY2019 Financials

No Va Land Investment (NVL) VND117,000.0

Ongoing Bearish Parameters 10

DATA & ARCHIVE DOWNLOAD CENTER

www.BuySellSignals.com Index and Glossary at end of this Report.

Fig 4: Long-Term Fundamental Ranking: 4 out of 5 [5 is best]

It has a moderate relative ROE of 13.8% and ROA of 3.8%.

Past Quarter News

May 28: NVL: Notice of stock issuance for capital increase

Fig 8: Press Releases

June 16: NVL: Record date to collect shareholders' opinions in writing

June 11: NVL: Announcement of the record date

June 04: NVL: Issuance of 20th Additional Securities Registration Certificate

June 03: Announcement of the change of listing

May 20: NVL: Changes in 58th Business Registration Certificate

May 04: Announcement of the change of listing

INVESTMENT GROUP CORPORATION (stock code: NVL) as follows:

April 24: NVL: Changes in 57th Business Registration Certificate

Fig 10: Contact Details

Relative Strength (6 months) 96 percentile:

Other Bullish Signals

Ongoing Bullish Parameters

Fig 13: Past three-years

Fig 14: Rank in the top 3% by Size in the Vietnam market

Fig 17: Moving Annual Return of 150.1% in the past year

Close 2 years ago VND43,944.23

Fig 20: Increased Volume, up 15% in 4 years

Fig 21: Increased VWAP, up 47% in 4 years

Fig 22: Increased unit turnover, up 316% in 4 years

Fig 23: Satisfies two criterion of Benjamin Graham

Fig 24: % Change (Tr. 12 Mo): Unit (150.1%) v Index (59.8%)

Fig 25: Turnover Period Above Average

Other Bearish Signals

Ongoing Bearish Parameters

Fig 28: Global Rank [out of 47,687 stocks]

Fig 29: Average Income Tax Paid (Past 3 Years)

Fig 30: Annual Report (FY 2019): Key Parameters

Major changes compared with previous year (FY2019 vs FY2018):

www.BuySellSignals.com Source: Annual/Quarterly Report Page 11

• Tax expenses to Sales down from 9% to 8%

Fig 31: Year-on-year comparison of Performance Ratios [FY2019 vs FY2018]

Currency Conversion (December 31, 2019): $US1 = VND23150.82

Three-year record of growth and performance:

www.BuySellSignals.com Source: Annual/Quarterly Report Page 12

Description 2019 3-year Avg

Peer Group Analysis & Ranking

Fig 32: BuySellSignals Fundamentals Valuation Ranking: No Va Land

Negative values are shown in brackets.

www.BuySellSignals.com Source: Annual/Quarterly Report Page 13

* 1 year ago $1 = VND 23,255.81

News Archives (Mar 2018 - Mar 2021)

Fig 36: Changes in Board (TTM)

Fig 37: Share Capital

+ Number of outstanding shares: 854,955,928 shares

Fig 38: Meetings

Fig 39: Funding/Capital

- Maximum issue value: 1,500 bonds

Fig 40: Press Releases

Source: FPT Securities

INDEX (Click tab for direct access)

Momentum Up Price increase fuelled by above average Volume

Weak Momentum Up Price increase on below average Volume