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NOVALAND GROUPINVESTOR PRESENTATION
MAY 2019
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DISCLAIMER
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statements to reflect future events or circumstances, nor can it give any assurance that future events will occur, that projections will be achieved, or that its assumptions are correct.
This document contains certain statistical analyses. Numerous assumptions were used in preparing the statistical information, which may or may not be reflected herein. The Company has not verified such information with
independent sources. As such, no assurance can be given as to the statistical information’s accuracy, appropriateness or completeness in any particular context; nor as to whether the statistical information and/or the
assumptions upon which they are based reflect present market conditions or future market performance. The statistical information should not be construed as either projections or predictions or as legal, tax, financial or
accounting advice.
OVERVIEW OF NOVALAND
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NOVALAND – DOMINANT HCM HOMEBUILDER WELL-POSITIONED TO TAP INTO FAST GROWING TOURISM SECTOR
>40 residential projects in key prime locations in HCMC
#1 residential developer in HCM with 24% market share in 2017(1)
One of the largest land banks in HCMC
Portfolio focused on mid-end to high-end residential segment
Expanded into hospitality sector in 2018 and operating under 3 key brands (NovaHills, NovaBeach and NovaWorld)
>5 hospitality property projects
Secured substantial landbank in key tourism destinations
RESIDENTIAL HOSPITALITY
Source: Savills.Note: (1) Based on Savills’ analysis of total number of transactions involving Grade B apartments within Ho Chi Minh City in 2017.
ESTABLISHED IN 1992 AND LISTED ON THE HCMC STOCK EXCHANGE (HSX) IN 2016 WITH
C.USD 2.6BN AS OF 31ST DEC, 2018, NOVALAND CURRENTLY EMPLOYS OVER 2,000 EMPLOYEES.
IN 2018, NOVALAND RECORDED REVENUES OF USD 656MN AND NET PROFIT OF USD141MN
HOSPITALITY
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SUCCESSFUL EVOLUTION AND GROWTHOF NOVALAND
19922007
2009
2011
2012
2013
2014
2015
2016
2017
1995
2018
Nova Group was established
by in 1992 in the agriculture
business through its subsidiary
Anova Corp, focused on
veterinary medicine and
animal healthcare products
Nova Group started
development of villas for rent in
District 2
Nova Group
diversified, with
businesses in 2
segments:
− Anova Corp:
Clean food
supply chain
− Novaland
Group: Real
estate industry
Started
construction of
Sunrise City
(3 phases: South,
Central and
North)
Focused on
mid-end segment
Started Tropic
Garden
Completed:
Sunrise City
– South
Tower
Started 2
projects:
−The Prince
Residence
−Lexington
Residence
Started construction of:
− Galaxy 9
− Icon 56
− Rivergate
− Sun Avenue
− Lucky Palace
− GardenGate
− Orchard Garden
− Tresor
− Lucky Dragon
Successfully
raised USD50mn
convertible
preferred shares
from Dragon
Capital and Vina
Capital
Projects portfolio: 40+
GFA: ~9.8mn sqm
Successfully raised
USD230mn from
foreign investors (debt
and equity)
IPO & Listed on HSX
(Mkt cap USD1.2bn) in
December
Included in MSCI VN Index,
Van Eck ETF, FTSE VN
Index and VN30 Index
Launched: Victoria Village
Mkt cap c.USD1.8bn(2)
Source:Company information,
Bloomberg, FactSet.
Note:
(1) As of 31st Dec 2018.
(2) As of 31st Dec 2017.
Entered hospitality sector and launched first resort
project, Azerai Can Tho Resort
Introduced NovaHills Mui Ne Resort & Villas,
NovaBeach Cam Ranh
Launched The Grand Manhattan
Handed over 8 projects
Raised USD390mn from CB and Equity
Mkt cap c.USD2.6bn(1)
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DEVELOPMENT STRATEGY
5 YEARS
PHASE1
2007 – 2017
PHASE 2
2018 – 2023
PHASE 3
From 2023
Focus on developing
residential products
in Ho Chi Minh city
Beside residential, expand its
development into hospitality and
tourism complexes. Development
efforts are invested in two
focus areas:
• Properties
• Tourism services
From 2023, Novaland aims at
three focus areas:
• Properties
• Tourism services
• Technology applications
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High visibility on earnings as a result from its existing USD1.5bn(3) of cumulative pre-sales to be recognized up to 2020.
Strong upcoming pipeline launches
Aiming to launch 4,500 residential units in 2019
NOVALAND – #1 RESIDENTIAL DEVELOPER IN HCMC (1)
With a market share > 2 times larger than the next closest competitor
Established in 1992 and listed on the HCMC Stock Exchange (HSX) in 2016 with market cap of c.USD2.6bn as of 31st Dec, 2018
Currently employs over 2,000 employees
#1 in HCMC with 24% of market share in 2017(1)
One of the largest land banks in HCMC
Portfolio focused on mid-end to high-end residential segment, making Novaland primed to tap into Vietnam which has the largest
proportion of middle income population in ASEAN
Primarily focused on residential with some commercial, office-tel, township and hospitality
Strong track record of selling more than 27,000 units since 2009, handed over 14,000 units as of 31st Dec, 2018
8 new projects handed over in 2018
USD3.3bn GDV sold since 2009
Focus on medium-scale projects with close-to-complete legal status in prime locations in Ho Chi Minh City
6 projects(2), all in HCMC, with nearly 402,725 sqm of NSA under development
Land bank of 6.70mn sqm in HCM City, sufficient for at least 7 – 10 years of development
Largest
residential
developer
in HCMC
Focused
on the
mid-end
residential
segment
Strong brand
recognition
and excellent
track record
Good
quality project
development in
prime locations
throughout
HCMCHigh
degree of
earnings
visibility
THE DOMINANT HOMEBUILDER OF QUALITY RESIDENTIAL HOMES IN THE FASTEST GROWING CITY OF VIETNAM
Source: Savills.
(1) Based on Savills’ analysis of total number of transactions involving Grade B apartments within Ho Chi Minh City in 2017.
(2) Not inclusive of Palace Residence
(3) As of 31 Dec 2018
8
w w w . n o v a l a n d . c o m . v nSource: Company information.
TAILORED STRATEGY FOR HOSPITALITY TO ADDRESS MARKET OPPORTUNITIES WITH CORE NOVALAND STRENGTHS
NOVALAND STRENGTHS AND TRACK RECORDMARKET NEEDS / OPPORTUNITYSTRATEGY
ACQUISITION OF WELL-LOCATED
LAND PARCELS WHICH CAN BE
DEVELOPED TO CREATE NATURAL
BARRIERS TO ENTRY
2
Potential attractive acquisition opportunities with
distress / non-performing loan situations
A relatively fragmented local market with no
clear leading hotel operator in the country
Leverage development expertise of Novaland – ability to
manage cost effectively will create natural barriers to entry
that most competitors cannot compete effectively
Strong visible growth with access to land bank
opportunities and capacity to execute M&As
POWERFUL COMBINATION
OF (I) MULTI-FORMAT MODEL AND
(II) INTERNATIONAL OPERATORS
1
Broad-based growth across domestic and
international tourist arrivals
Strong, growing outbound travel demand from
Russia, China, Japan, Korea and Taiwan
Fast growing household and disposable income
boosting domestic tourismz
Multi-format hotel model captures a large addressable
market; leverage off international operators’ distribution
channels, corporate sales programs and customer
brand affiliation to attract demand
Self-funding business model – Recurring revenue from
operations and monetisation of for-sale components
accelerate growth to achieve scale
FOCUS ON DOMESTIC AND
INTERNATIONAL TOURIST
DESTINATIONS (I.E. VUNG TAU,
PHAN THIET, NHA TRANG, PHU
QUOC, HO CHI MINH CITY)
3
Improved infrastructure has made Vietnam far
more attractive for domestics and international
tourists – emerging coastal destinations such as Da
Nang, Nha Trang, and Phu Quoc
Government incentives and policies have
encouraged and attracted foreign investment
First-mover advantage with hospitality pipeline projects in
Ba Ria-Vung Tau, Binh Thuan, giving Novaland a track
record in positioning its assets
Beneficiary of capital upside with strategy revolved around
early investment into new but upcoming destinations
GROWTH OF THE NOVALAND
ECOSYSTEM AND BUILDING
SYNERGY WITH NEW PRODUCTS
4
Growing sophistication and change in consumer
preferences a resultant of growing disposable
income amongst the population
Opportunity to create complementary
businesses will result in synergistic value
accretion
Diversified integrated developer across various segments
(residential, commercial and hospitality) – ability to provide
a breadth of quality offerings to customers
Growing Novaland membership carves a new
distribution channel, and creates customer stickiness
Experienced with international and domestic capital markets
2.KEY INVESTMENT
HIGHLIGHTS
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KEY INVESTMENT HIGHLIGHTS
Proven and experienced management team with strong execution track record and guided by
strong corporate governance policies in place
Strong visible growth underpinned by high quality pipeline and landbank
Successful and highly scalable expansion into hospitality
Well positioned to benefit from favorable country and sector fundamentals
4
3
1
6
No. 1 residential developer in HCMC with strong brand and established track record 2
Low risk and capital efficient business model supported by strong cash flow generation
capabilities and access to diversified funding sources5
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KEY INVESTMENT HIGHLIGHTS
01. WELL POSITIONED TO
BENEFIT FROM
POSITIVE COUNTRY
AND SECTOR
FUNDAMENTALS
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THE FASTEST GROWING ECONOMY IN ASEAN FAST-GROWING DISPOSABLE INCOME COMPARED TO MOST ASEAN PEERS
ONE OF THE HIGHEST WORKFORCE POPULATION IN ASEANTHE LARGEST MIDDLE CLASS POPULATION(1) IN ASEAN
6.9%
5.8%
7.3%
4.3% 4.0%
1.8%
Vietnam Philippines Indonesia Malaysia Thailand Singapore
7.1%6.2%
5.2%4.7%
4.1%3.2%
Vietnam Philippines Indonesia Malaysia Thailand Singapore
GDP Growth (2018) (2018A-2029E)
Population with age range between 25 – 44 as % of total population (2016)
32.9% 33.0%
30.6%
28.5% 28.4% 28.2%
Vietnam Malaysia Indonesia Thailand Singapore Philippines
Source: SAP independent industry report; Economist Intelligence Unit (EIU).
Note: Data is updated for latest information as of April 2019.
(1) Middle class population refers to households with annual disposable incomes of between US$1,000 to US$10,000.
80.3%
61.3%54.7%
61.9%
0.6%
Vietnam Philippines Thailand Indonesia Singapore
1. BENEFICIARY OF VIETNAM’S STRONG ECONOMIC GROWTH AND FAVOURABLE DEMOGRAPHICS …
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10
20
30
40
50
60
70
US$ bn
ROBUST FOREIGN RESERVES
INFLATION UNDER CONTROL
source: economist intelligence unit (eiu); global insights, bloomberg.
note: data is updated for latest information as of april 2019.
(1) indexed as of reference date of 6 may 2019.
INCREASE IN FDI AND REMITTANCE RATES
RELATIVELY STABLE VND PERFORMANCE VS. OTHER ASEAN CURRENCIES(1)
5
10
15
20
25
30
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
VIETNAMESE GOVERNMENT
HAS FOCUSED ON DRIVING
STABLE AND SUSTAINABLE
ECONOMIC GROWTH SINCE
2012, WITH A FOCUS ON
MAINTAINING STABLE PRICE
LEVELS AND REDUCING
INFLATION
INFLATION
GROWTH (%)
5
10
15
20
25
FDI Worker's remittances
US$ bn
… UNDERPINNED BY A STABLE EXCHANGE RATE…
usd:vnd
usd:idr
usd:thb
usd:myr
usd:php
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… BUT HOUSING STILL SIGNIFICANTLY MORE AFFORDABLE THAN REGIONAL PEERS
VIETNAMESE RESIDENTIAL PRICES HAVE SIGNIFICANT ROOM TO RUN
Source: JLL Research; Economist Intelligence Unit (EIU); Global Insights, Bloomberg.
(1) Based on top quintile household incomes and an entry level apartments across cities.
VIETNAM’S MORTGAGE MARKET IS SIGNIFICANTLY UNDERPENETRATED COMPARED TO REGIONAL PEERS
ONE OF THE HIGHEST RATES OF URBANIZATION IN ASEAN…
33%44%
53% 49%
74%
100%
54% 56%71% 72%
86%100%
Vietnam Philippines Indonesia Thailand Malaysia Singapore
2014 2050
+12% +18% +23% +12% 0%+21%
Urbanization (share of total population living in urban areas)
75
100
125
150
175
200
225
250
275
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
HCMC Bangkok
Kuala Lumpur Manila
Shanghai
Prime Residential Price Growth (Index: 2006 = 100)
Residential
upside
potential
4.0 4.7 4.9
6.9 7.5
HCMC Kuala Lumpur Jakarta Bangkok Manila
Home Price-to-Income Ratio (x) in 2017(1)
1.9%4.9%
20.0%
49.5% 50.6%
Vietnam Philippines Thailand Malaysia Singapore
Total home mortgage loans outstanding as % of GDP in 2016
…WITH RESIDENTIAL MARKET POISED FOR FURTHER GROWTH …
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ANNUAL RATE OF DIRECT GDP CONTRIBUTION
Annual tourism revenue
Source: VNAT
THE NUMBER OF TOURIST YEAR
33 35 39
57 6273
80
110
130
7 88
810
1315
32
47
2012 2013 2014 2015 2016 2017 2018(F)
2025(F)
2030(F)
Domestics International
Number of arrivals (million)
RATE OF INTERNATIONAL TOURISM GROWTH
CAGR (2012 – 2015) = 5,1%
CAGR (2015 – 2017) = 27,5%
3.68%
6.33%6.96%
7.90% 8.20%
11.60%
13.90%
2014 2015 2016 2017 2018 (F) 2025 (F) 2030 (F)
Penetration of Directly contribution to GDP
230 338 400 511 620
1,472
2,454
2014 2015 2016 2017 2018 (F) 2025 (F) 2030 (F)
Billion VND
…AND FLOURISHING FAST GROWING TOURISM SECTOR
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Source: CBRE.
(1) Public and private sector infrastructure investment in 2016 as a % of GDP.
VIETNAM IS THE LEADER IN SOUTHEAST ASIA’S INFRASTRUCTURE RACE – SPENDING BILLIONS TO ATTRACT FOREIGN INVESTMENTS
6.8%5.7%
2.7% 2.6% 2.3% 2.3% 1.9% 1.7%
Chin
a
Vie
tna
m
Indo
nesia
Mya
nm
ar
Sin
ga
pore
Ph
illip
pin
es
Ma
laysia
Th
aila
nd
Vietnam is the leader in Southeast Asia by a significant margin Biggest spender in Southeast Asia on
infrastructure investment
Infrastructure investments targeted at attracting foreign
investments
HCMC to benefit from significant infrastructure
investment
HCMC: 5 new highway projects ongoing with 2 metro lines under construction
Infrastructure projects will contribute to development of
real estate markets and higher capital values in
key cities
Novaland’s projects located near many recent and
upcoming key infrastructure developmentsThu Thiem No. 2, No.4 Bridge
HCMC’s Metro Line #1
Long Thanh International Airport
PPP: North South Expressway
1. HIGH INFRASTRUCTURE SPENDING WILL FURTHER BOOST CONNECTIVITY AND REAL ESTATE CAPITAL VALUES
2016 Infrastructure spending(1) as a % of GDP
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6.8%
5.8% 5.5%
2.6% 2.5% 2.3% 2.3%1.8% 1.6%
CN VN IND INDO MYA SG PH MAL THAI
…ALLOWING VIETNAM TO ACHIEVE ITS POTENTIAL…AND RECENT FAVOURABLE GOVERNMENT POLICIES…
…IN LINE WITH THE LARGEST INFRASTRUCTURE SPENDING IN ASEAN…
VIETNAM CAN SIGNIFICANTLY BOOST ITS CONTRIBUTION OF TOURISM TO GDP…
Source: BMI, JLL.Note: Data has been updated for latest information as of February 2019.
76.6%
21.2% 13.7% 9.4%
Maldives Thailand Laos Vietnam
Environmental objectives: develop green tourism, protect natural resources
Social objectives: increase numbers of employments in tourism, especially direct employment
Economic objectives: attract foreign tourists, domestic tourists, increase tourism revenues, capital investments
Prioritize 4 main tourism products:
Visa exemption and enforcement of e-Visa for foreign tourists1
2
2
4
5
VIETNAM GOVERNMENT’S
MASTER PLAN AND STRATEGY FOR
TOURISM DEVELOPMENT TO
2020, VISION TO 2030
− Sea tourism
− Culture tourism
− Eco/green tourism
− Focus on developing tourism towns
This is expected to grow to 10% of GDP by 2020 and 12% by
2030
96.2m68.4m
Vietnam Thailand
POPULATION URBANISATION
Foreign tourists in 2018 Tourism revenue in 2018
15.5m
38.3m
Vietnam Thailand
34.9%
52.7%
Vietnam Thailand
Vietnam Thailand
$22.5bn
$54.0bn
IMPROVING DEMAND-SUPPLY DYNAMIC WILL REQUIRE MORE HOTELS TO KEEP UP WITH GROWTH IN POTENTIAL
1. VIETNAM IS CONCURRENTLY BOOSTING ITS GOVERNMENT AND INFRASTRUCTURE SUPPORT TO REACH HIGHER TOURISM POTENTIALS
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w w w . n o v a l a n d . c o m . v nSource: Company information.
PHAN THIET
CAN THO
Strong focus on road connectivity and infrastructure
− A key highway, the National Road 1A, has been expanded through the province
− Dau Giay-Phan Thiet Express highway will soon be launched to further support road capacity
Boasts over 190km of North-South railway route running through, with 11 stations in the province alone
Phu Quy port has also been completed, with Phan Thiet and Vinh Tan ports undergoing construction to further increase capacity
In the future, a dedicated Phan Thiet airport will serve the province
− Currently undergoing construction and is expected to be operational by 2020
Multiple highways are under consideration or construction, including some running straight to Ho Chi Minh City and Hanoi
− The North-South expressway to Hanoi is expected to be completed by 2020
Future railway developments, bringing an estimated 140km with 10 stations to Can Tho, are under serious consideration
TARGETED RESORT DESTINATIONS AND CITIES WILL HAVE STRONG INFRASTRUCTURAL SUPPORT THROUGH MULTIPLE MODES OF TRANSPORT INCLUDING BY FLIGHT, SHIPS, TRAINS OR CARS AND BUSES
Nha Trang, Khanh HoaCam Ranh, Khanh Hoa
Ninh ThuanHCMCDong Nai
Can Tho
Vung Tau - BRVTBinh Chau - BRVTHo Tram - BRVT
Phan Thiet – Binh ThuanMui Ne – Binh Thuan
1. HOSPITALITY PROPERTIES WILL BE SUPPORTED BY SWATHE OF INFRASTRUCTURAL DEVELOPMENTS
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Source: CBRE, JLL Research.
2,781 2,798 3,172 3,405
6,506
Hanoi Binh Duong Thanh Hoa Bac Ninh HCMC
(USDmn)
2016A 2017A 2018E 2019E 2016A 2017A 2018E 2019E
Affordable Mid-end High-end Luxury
NEW LAUNCHES SALES
39,838
31,10633,431 32,91431,850 33,450
30,21331,299
9,700
147,000
Villa/Townhouse
Condominium
(Units)
2017 population: >13mn. (include unregistered
residents)
LAUNCHES AND SALES FORECAST FOR CONDOS FOR 2018 AND 2019 LANDED PROPERTIES DROP IN NEW SUPPLY IN 2018
HCMC BEING THE PREFERRED DESTINATION FOR FDI COMPLETED STOCK VS. HCMC POPULATION
1. POSITIVE DEMAND-SUPPLY DYNAMICS IN HCMC CONDO MARKET
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KEY INVESTMENT HIGHLIGHTS
02. NO. 1 RESIDENTIAL
DEVELOPER IN HCMC
WITH STRONG BRAND
AND ESTABLISHED
TRACK RECORD
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LEADING RESIDENTIAL DEVELOPER IN HCMC BY AN UNASSAILABLE MARGIN
Dominance snapshot 2018 Key financial snapshot(1)
Cumulative Net Saleable Area (NSA)% of middle class in HCMC’s population
24%
9%
9%
7%7%
44%
24%
9%
9%
7%
NVLG
Ha Do Corp
Vingroup
Phu My Hung
Keppel Land
Others
Vingroup
Phu My Hung
Keppel Land
9 37144
538
847
1,322
1,7331,883
2011A 2012A 2013A 2014A 2015A 2016A 2017A 2018A
Cumulative Net Saleable Area (NSA)(3)
High-end and luxury
Mid-end
Affordable
5.0%
88.1%
6.9%
9 28 107 394 309 476 411 150
Years sold NSA (‘000 sqm)(1)
Market share > 2 times larger than the next closest and almost equivalent to the next 3 competitors combined
Strong and proven track record of growth
Capturing the Huge Middle Income Opportunity (4)
As of 31 Dec 2018
Note: USD/VND: 23,303.
(1) According to audited consolidated 2018 financial statements.
(2) According to Savills’ report 2017
(3) Excluded Madison and Park Avenue
(4) Distribution based on middle-class household disposal income of
USD1,000 to USD10,000 p.a.
27,000Units Sold Since
2009(1)
24%market share
within HCMC(2)
USD3.3bnof GDV Sold
since 2009
USD656mnNet Revenue
y.o.y Growth: 31%
USD141mnNPAT
y.o.y Growth: 59%
34.0%Gross margin
y.o.y Growth: 55%
2. NOVALAND IS THE UNDISPUTED LEADER IN HCMC RESIDENTIAL MARKET
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SIGNIFICANT BOOST IN CONNECTIVITY WILL ACCELERATE DEMAND FOR PIPELINE PROJECTSSource: Company information.
Note: As of 31 March 2019, USD/VND: 23,303
(1) 22 completed projects. For details, please refer to Appendix.
(2) 06 under development projects. For details, please refer to Appendix.
(3) Not include project Madison, Park Avenue, and Palace Residence
Metropolitan linesCompleted project(1) Under development(2)
District 7
Binh ThanhDistrict
Tan PhuDistrict
Binh TanDistrict
Tan BinhDistrict
Go VapDistrict
District 6
District 10
District 5
District 8
District 3
District 1
District 4
Binh Chanh District
District 2
District 9
Thu DucDistrict
Phu NhuanDistrict
Tan Son NhatInternational Airport
HCMCCBD
N
Nha BeDistrict
District 11
District 12
3 km 6 km 9 km
O
Q
F
A
T
U
G
D
P
R
S
IVB
C
E
F
C
B
J
D
K
L M
N
H
A
E
Major roads
80%
20%
Sold86%
Unsold14%
NS
AG
DV
fo
r co
mp
lete
d a
nd
un
der
dev
elo
pm
en
t p
roje
cts
Total NSA
2.0mn sqm(3)
Completed
projects
Under
development
Total GDV
USD3.9bn(3)
HO CHI MINH CITY
2. RESIDENTIAL PORTFOLIO LOCATED IN HCMC PRIME LOCATIONS
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HO CHI MINH CITY
NOVALAND’S EXISTING LANDBANK HAS A GDV OF C.USD7.3BN(*). PRIME LANDBANK IS EXPECTED TO FURTHER APPRECIATE IN VALUE GIVEN PROXIMITY TO UPCOMING METRO LINE.
Source: Company information.
Note: As of 31 March 2019
USD/VND: 23,303
(*): Not included Project I
District 7
Binh ThanhDistrict
Tan PhuDistrict
Binh TanDistrict
Tan BinhDistrict
Go VapDistrict
District 6
District 10
District 5
District 8
District 3
District 1
District 4
Binh Chanh District
District 2
District 9
Thu DucDistrict
Phu NhuanDistrict
Tan Son NhatInternational Airport
HCMCCBD
N
C
I
K
Nha BeDistrict
District 11
X
R
Q
District 12
D
S
PH
3 km 6 km 9 km
Metropolitan lines
T
Y
FV
Major roads
Land bank Location Land area (m²) Status
Project C Dist. 2 1,360,000 Owned
Project D Dist. 12 91,121 MOU
Project F Dist. 2 49,660 Owned
Project H Dist. 2 96,015 Owned
Project I Dist. 2 801,092 Owned
Project K Dist. 4 31,527 Owned
Project P Dist. 2 302,240 Owned
Project Q Dist. 9 1,380,000 MOU
Project R Dist. 9 1,580,000 Owned
Project S Dist. 8 500,475 Owned
Project T Dist. 9 321,000 Owned
Project X Dist.3 4,531 MOU
Project Y Dist.2 3,748 Owned
Project V Tan Phu Dist. 157,046 MOU
Total HCMC land bank 6,678,455
Estimated GDV USD7.3 bn(*)
D
C
H
I
K
Q
P
R
S
T
X
Y
F
V
2. LAND BANK LOCATED IN PRIME LOCATIONS OF HCMC AND EXPECTED TO APPRECIATE IN VALUE
24
w w w . n o v a l a n d . c o m . v n
Source: Company information.
Note: USD/VND: 23,303 for all periods.
ASP for apartments (Botanica Premier and Saigon Royal) and Villas(Lakeview City).
Bo
tan
ica
Pre
mie
r
Saig
on
Ro
yal
Lakev
iew
Cit
y
745 968 1,017 1,019 1,022
72%
93% 98%98%
98%
0%
20%
40%
60%
80%
100%
500
1,000
4Q16 2Q17 4Q17 2Q2018 4Q2018
Launch: 1Q2016
Mid-end mid-scale project
GDV: USD 113mn
Projected handover: 4Q2018
Launch: 2Q2016
High-end mid-scale project
GDV: USD147mn
Projected handover: 1Q2019
Units
Units
Launch: 2Q2016
Low-rise large-scale project
GDV: USD 366mn
Projected handover:
1Q2017 to 4Q2018
560807 911 947 958
58%
84%95% 99% 100%
0%
20%
40%
60%
80%
100%
200
400
600
800
4Q16 2Q17 4Q17 2Q18 4Q18
Units
522644 736 751 762
67%
83%95%
97%98%
0%
20%
40%
60%
80%
100%
200
400
600
4Q16 2Q17 4Q17 2Q18 4Q18
FY16: 2,827
FY17: 3,442FY16: 2,918
FY17: 3,064
FY16: 1,517 FY17: 1,662
FY18: 3,094
FY18: 3,472
FY18: 2,768
% absorption ASP psm (USD )Cumulative units sold
2. RECENT LAUNCHES DEMONSTRATES ROBUST DEMAND
25
w w w . n o v a l a n d . c o m . v n
KEY INVESTMENT HIGHLIGHTS
03. SUCCESSFUL AND
HIGHLY SCALABLE
EXPANSION INTO
HOSPITALITY
26
w w w . n o v a l a n d . c o m . v nSource: Company information.
TOURISM
(NOVATOURISM)
TOURISM PROMOTION
PASSENGER TRANSPORTATION
LOGISTICS
CUISINE
SHOPPING
RECREATION
TRAVEL SERVICES
ACCOMMODATION
NOVAHILLS
Each NovaHills project has a scale of less than 100ha,
located in areas with hilly landscapes, including a full range of
utility services such as accommodation, food, shopping, and
amusement parks - entertainment with appropriate scale
NOVABEACH
Each NovaBeach project has a scale of less than 100ha,
located in coastal areas, including a full range of utility services
such as accommodation, food, shopping, and entertainment
with appropriate scale
NOVAWORLD
Each NovaWorld cluster has a scale of 100ha or more, and
follow a main theme, creating a unique highlight for tourism in
key localities such as Ba Ria - Vung Tau and Phan Thiet - Binh
Thuan, Quang Nam
3. WELL-DEFINED BRANDS AND STRATEGY LEVERAGED ON EXISTING REPUTABLE BRANDNAME
27
w w w . n o v a l a n d . c o m . v n
LOCATION CAN THO CITY
LAND AREA (SQM) 194,342
PRODUCT TYPE AND UNITS BUNGALOW 30, VILLAS 47
OPERATING DATE 4Q2017
MANAGEMENT BRANDAZERAI (MEMBER OF
AZURA GROUP)
AZERAI CAN THO
Source: Company information.
3. NOVALAND HAS SUCCESSFULLY LAUNCHED PROJECTS WITH REPUTED HOSPITALITY BRANDS AND OPERATORS
PROJECT OVERVIEW
28
w w w . n o v a l a n d . c o m . v n
Source:Company information. As of March 31st, 2019Note: (1) as a % of villas units
NOVAHILLS NOVABEACH
LOCATION / CITY MUI NE CAM RANH
DESCRIPTION Novahills mui ne is designed in spanish architectural style with high-end facilities, including a multi-level swimming pool, a flower hill, a large park, a sport and healthcare club, a commercial - catering center and an observation tower at a height of over 100 meters.
Located at bai dai beach, one of the most beautiful beaches in the world. It is a five-minute drive from cam ranh international airport. The tourism property complex has villas, bungalows, four-star hotels and three- and four-stars condotels
LAND AREA (SQM) 399,310 226,222
GFA/NFA (SQM) 69,446 140,147
INTRODUCE DATE 4Q2018 4Q2018
OPERATION DATE 4Q2021 3Q2020
PRODUCT TYPE AND
UNITS
VILLAS: 603 BUNGALOW: 26
VILLAS: 182
CONDOTEL: 1,706
TAKE UP RATE OF TOTAL
INTRODUCED UNITS
100% 75%(1)
MANAGEMENT BRAND AVANI (MEMBER OF MINOR HOTELS GROUP) OPERATED BY MINOR HOTELS GROUP
3. NOVALAND HAS SUCCESSFULLY LAUNCHED PROJECTS WITH REPUTED HOSPITALITY BRANDS AND OPERATORS
29
w w w . n o v a l a n d . c o m . v n
HCMC
CAN THO
VUNG TAU - BRVTBINH CHAU - BRVTHO TRAM - BRVT
Source:Company information.
NOVALAND HAS IDENTIFIED SEVERAL KEY RESORT DESTINATIONS FOR DEVELOPMENT AND CITIES FOR ACQUISITION OF PROMINENT ASSETS
NHA TRANG, KHANH HOACAM RANH, KHANH HOA
NINH THUAN
PHAN THIET – BINH THUANMUI NE – BINH THUAN
DONG NAI
3. WELL-LOCATED PROPERTIES WITH SIGNIFICANT POTENTIAL WILL BE DEVELOPED AND ACQUIRED (CONT"D)
30
w w w . n o v a l a n d . c o m . v n
KEY INVESTMENT HIGHLIGHTS
04. STRONG VISIBLE GROWTH
UNDERPINNED BY HIGH
QUALITY PIPELINE AND
LANDBANK
31
w w w . n o v a l a n d . c o m . v n
Source: Company information as of 31 December 2018.
Note: USD/VND: 23,303.
(1) Lakeview City, Victoria Village, Golden Mansion, NovaHills Mui Ne, NovaBeach Cam Ranh
(2) Excludes Park Avenue and Madison which are NVL’s collaboration projects.
(3) USD1.5bn of cumulative pre-sales have already been contracted to be recognized up to 2020.
UNBILLED CONTRACTUAL SALES OF C.USD1.5BN(3) AS OF 31ST DECEMBER 2018
CONTRACTED SALES (2018A) LOCKED-IN REVENUE TO BE RECOGNIZED
168
447 279
Low-riseprojects
High-riseprojects
Total
333
1,171
Unbilled contractual
sales
USD1.5bn
(USDmn)(USDmn)
Low-rise projects High-rise projects(1) (2)
4. HIGH LEVEL OF UNBILLED SALES UNDERPINS HIGH REVENUE VISIBILITY IN 2019 AND 2020
32
w w w . n o v a l a n d . c o m . v n
Source: Company information, Savills.
(1) Savills’ average selling price for each district in Ho Chi Minh City was compared against the performance of one of Novaland’s assets in the same district. These specific properties
were subject to comparison: Sunrise Central, Water Bay, Saigon Royal, Botanica, Richstar, Lucky Dragon and Lucky Palace.
Land bank is getting scarce in HCMC, resulting in high barriers to entry for competitors. With the largest landbank in HCMC, Novaland will remain the dominant player in the foreseeable future
NOVALAND’S PROPERTIES COMMAND A PREMIUM OVER MARKET DUE TO ITS REPUTABLE BRAND(1) SIZEABLE LAND BANK TO PROPEL NEXT PHASE OF GROWTH
1,3
45
1,7
97
2,3
14
889 1
,090
963 1,0
73
1,5
83 1,8
49
2,5
57
1,3
94
1,2
88
1,0
26
1,5
19
Dis
tric
t 7
Dis
tric
t 2
Dis
tric
t 4
Ta
n B
inh
Ta
n P
hu
Dis
tric
t 9
Dis
tric
t 6
Market NVL
803
2,624 2,582
5,045 2,566
1,471
3,650
1,633
38 54 16
505
3,369
4,095
6,231 6,678
2011A 2012A 2013A 2014A 2015A 2016A 2017A 2018A
Owned MOU
('000 sqm)(USD psm)
Existing 6.70mn sqm of land bank is sufficient for the next 7 – 10 years of development
Focus on optimising land acquisition cost versus quality (location and accessibility) through dedicated internal acquisitions team
Focus on medium scale projects with close-to-complete legal status at prime locations
4. UNRIVALLED BRAND EQUITY AND HIGH GRADE RESIDENTIAL LANDBANK….
33
w w w . n o v a l a n d . c o m . v n
Source: Company information.
Note: As of March 31st, 2019
75%HOSPITALITY
TOTAL LANDBANK
2,700HECTARES
25%RESIDENTIAL
Nha Trang, Khanh HoaCam Ranh, Khanh Hoa
Ninh ThuanDong Nai
HCMC
Can Tho
Vung Tau - BRVTBinh Chau - BRVTHo Tram - BRVT
Phan Thiet – Binh ThuanMui Ne – Binh Thuan
… WITH SUBSTANTIAL LANDBANK IN KEY TOURISM AREAS SECURED
34
w w w . n o v a l a n d . c o m . v n
KEY INVESTMENT HIGHLIGHTS
05. LOW RISK AND CAPITAL
EFFICIENT BUSINESS MODEL
SUPPORTED BY STRONG
CASH FLOW GENERATION
CAPABILITIES AND ACCESS
TO DIVERSIFIED FUNDING
SOURCES
35
w w w . n o v a l a n d . c o m . v n
MONTHS 1 2 3 4 5 6 7 8 9 10 11 12 24-30 30~
LAND
ACQUISITION
PLANNING AND
PRE-WORK
PRE-SALES
CONSTRUCTION
SALSE
PURCHASE
AGREEMENTS
DELIVERY AND
AFTER-SALE
SERVICES
Source: Company information.
FAST TURNOVER DEVELOPMENT PROCESS
Stro
ng
exe
cu
tion
cap
ab
ilities a
nd
op
era
tion
al e
fficie
nc
y
Dedicated acquisitions team that proactively searches for
project sites in prime locations at costs lower than market
Comprehensive due diligence to ensure no title issues
Speedy transfer procedure
Strong design expertise with local knowledge
Market research team utilize data analytics to evaluate
customer preferences, market trends and evaluate
optimum market pricing
Cost team put together detailed cost model which is
approved by BOD before approaching contractors
Well trained sales teams provide support in bank loans
and offer product packages that suit customers’ needs
Experienced management and sales team with incentives
to drive strong performance
Robust cooperation with local partners to stay abreast of
latest construction techniques
Large number of concurrent developments allows
Novaland to procure supplies at competitive prices
Diversified base of contractors, with ability to select most
competitive contract and pricing terms
Weekly reports sent to update the BoD on construction
status with potential cost overruns flagged
Strong cost and quality controls to ensure products are
delivered on time and at a consistently high quality
Dedicated delivery and after-sales management team
Completion of
foundation
12 months from pre-sales, the typical
take-up rate of the overall project is 50-
70% and essentially, the project then
becomes self-funded as Novaland can
use the cash collections and project level
debt to complete the project
5. FAST TURNOVER DEVELOPMENT PROCESS SUPPORTED BY UNPARALLELED EXECUTION CAPABILITIES, MAXIMISING CASHFLOW
36
w w w . n o v a l a n d . c o m . v n
ILLUSTRATIVE CASH MOVEMENT
Source: Company information.
Note: USD/VND: 23,303 for all periods;
(1) Does not include cash outflow of US$1.9mm arising from project design expenses.
(2) This project was self-funded/ unleveraged
STRONG PROJECT IRR OF 95%(2) WAS ACHIEVED IN THE LEXINGTON DEVELOPMENT
Foundation built: 1Q 2014 Expected hand over: 4Q 2015
Actual hand over: 4Q 2015Lexington
Launch: 1Q 2014
PRE-SALES CUMULATIVE CASH OUTFLOW AND INFLOW
2013 2014 2015 2016
Cash outflow Cash inflow
Project broke
even at 50% –
70% take up rate
-
78
42
3
2013 2014 2015 2016
USDmn
(14) 37 13 -
2013 2014 2015 2016
USDmn
- - 9
113
2013 2014 2015 2016
USDmn
NET CASH FLOW(1)
ACCOUNTING REVENUES
5. STRONG MARKETING SALES PROVIDE SELF-SUSTAINING CASHFLOWS FOR DEVELOPMENT
37
w w w . n o v a l a n d . c o m . v n
Standard
ACCELERATED – HIGHER UPFRONT PAYMENTS WITH DISCOUNT
Option 2 Option 3 Option 4
FOUNDATION Up to 30% 45-55% 50-90% >90%
SUPERSTRUCTURE Up to 70% Up to 70% – –
DELIVERY Up to 95%
LAND USE RIGHTS CERTIFICATE 100%
DISCOUNT – 3-4% 5-7% 8-12%
PAYMENT SCHEDULES
Source: Company information.
APPROXIMATELY 70% OF NOVALAND’S CUSTOMERS MAKE PAYMENT ON ACCELERATED BASIS
CUSTOMER PAYMENTS BREAKDOWN – FOR ALL PROJECTS
Cash82.4%
Bank loan / mortgage
17.6%
Standard30.0%
Option 250.0%
Option 315%
Option 45%
BY PAYMENT SCHEDULE BY PAYMENT METHOD
5. ACCELERATED PAYMENTS BY CUSTOMERS SUPPORT STRONG CASHFLOW GENERATION
38
w w w . n o v a l a n d . c o m . v n
Source: Company information, Bloomberg, FactSet, data as of 31 March 2019.
Note: US$/VND:23,303.
SHARE PRICE PERFORMANCE IN 2019 STRONG PARTNERSHIP WITH ESTABLISHED INVESTORS AND BANKS
First major index inclusion in MSCI Vietnam Index in Jan 2017
Early inclusion in the VanEck Vectors Vietnam ETF in March 2017, weighted 6.36% of total NAV as of March 31st , 2019
Further inclusion in the FTSE Vietnam Index weighted 4,57% of total NAV as of March 31st, 2019
Others: MSCI Vietnam Index, STOXX Emerging Markets 1500 Index, S&P Select Frontiers Index and BNY Mellon New Frontier Index, VNSISO Top 20 (Sustainable Index)
40,000
45,000
50,000
55,000
60,000
65,000
70,000
75,000
80,000
0.0
1.0
2.0
3.0
4.0
5.0
6.0
Mar2019
Feb2019
Jan2019
Dec2018
Oct2018
Sep2018
Aug2018
Jun2018
May2018
Apr2018
Share Price (VND)
Volume (m)
NVL Share Volume NVL Share Price VN-Index rebased
Raised >USD600m from international partners including USD390m CB and equity in 2018
5. SOLID TRACK RECORD OF ACCESS TO DOMESTIC AND INTERNATIONAL CAPITAL MARKETS
39
w w w . n o v a l a n d . c o m . v n
KEY INVESTMENT HIGHLIGHTS
06. PROVEN AND EXPERIENCED
MANAGEMENT TEAM WITH
STRONG EXECUTION TRACK
RECORD AND GUIDED BY STRONG
CORPORATE GOVERNANCE
POLICIES IN PLACE
40
w w w . n o v a l a n d . c o m . v n
20+
MRS. HOANG THU CHAU, MBA
Deputy General Director, BOD Member
Executive MBA, FHNW University of Applied Sciences and Arts,
Northwestern Switzerland
B.A, Van Lang University (Vietnam), in Accounting and Finance
Over 16 years of senior experience at Novaland Group, setting up the
accounting system of the Company
16+
MR. BUI THANH NHON, MBA
Chairman of the board of directors (BOD)
Executive MBA, HSB-TUCK, Dartmouth College (USA)
Member of YPO and WPO
Founder of the Company
30+
MRS. NGUYEN THANH BICH THUY
Independent BOD Member
A Strategist and Senior Executive with over 20 years of international
experience
Has led negotiations, provided advisory services for the highest levels of
political, government and corporate leaders across the globe including
Asia, US, Europe and the Middle East
20+
MR. BUI XUAN HUY, MBA
Chief Executive Officer, BOD Member
Executive MBA, FHNW University of Applied Sciences and Arts,
Northwestern Switzerland
B.S, HCMC University of Polytechnic (Vietnam), in Construction
Engineering and Industrial Management
More than 20 years of senior experience in project developments
OTHER SENIOR MANAGEMENT
MRS. DUONG THI THU THUY
Chief Commercial Officer
B.S, HCMC University of Economics (Vietnam), in Economics
More than 16 years of senior experience in sales management and
consulting in the property industry
16+
MR. DUONG HONG CAM
Chief Investment Officer
B.S, HCMC University of Polytechnic (Vietnam), in Construction
Engineering
More than 15 years of experience in project management, especially in
residential property
15+
# Indicates years of experience in the relevant industry
Source: Company information.
MRS. LAM THI BICH LIEU
Chief Human Resource Officer
BA, HCM education University, in English
BA, HCM Open University, in Business Administration
More than 20 years of experience in human resources management at Multi
national companies
20+
MR. PHAM TIEN VAN
Independent BOD Member
Used to be Director General of Vietnam Ministry of Foreign Affairs,
Ambassador extraordinary and plenipotentiary at Republic of Korea.
Has led negotiations, consultant for reputable companies such as Charmvit
Group, Posco E&C, AIC Group, Samsung Group, Viet Nam Golf Magazin
MR. BUI CAO NHAT QUAN
Chief Of Asset Development
B.A, Western Washington University, USA, in Business Administration
More than 15 years of senior experience in management and consulting
in the property industry
15+
6. EXPERIENCED MANAGEMENT TEAM WITH STRONG EXECUTION TRACK RECORD
20+
3. RECENT DEVELOPMENTS
42
w w w . n o v a l a n d . c o m . v nSource: Company information, as at March 31st, 2019
4th QUARTER 2018
RECENT HANDED-OVER PROJECTS AND TO BE HANDED-OVER PROJECTS IN 2019
NEWTON RESIDENCE
PHU NHUAN DISTRICT
SAIGON ROYAL RESIDENCE
DISTRICT 4
RICHSTAR RESIDENCE
TAN PHU DISTRICT
ORCHARD PARKVIEW
PHU NHUAN DISTRICT
5 PROJECTS EXPECTED TO START HANDING OVER 2019
SUNRISE CITYVIEW
DISTRICT 7VICTORIA VILLAGE
DISTRICT 2
BOTANICA PREMIER
TAN BINH DISTRICT
THE BOTANICA
TAN BINH DISTRICTGOLF PARK
DISTRICT 9
43
w w w . n o v a l a n d . c o m . v n
Location CBD, District 1, HCMC
Site area (hectares) 1.40
GFA (sqm) 183,697
Product typeApartment, Commercial,
Hotel
Launch date for residential sales 4Q2018
Handover date 3Q2020
Total introduced units/total supply 602/1,027
% of take-up of total introduced units 64%
LAUNCHING THE GRAND MANHATTAN
THE GRAND MANHATTAN
Project Aerial
NEW PROJECT LAUNCHING CEREMONY DATED OCT
28, 2018
TATILAND AND MGLAND BECAME PROJECT’S OFFICIAL
DISTRIBUTION AGENTS ON SEP 10, 2018Source: Company information.
Note: As of 31 March 2019.
44
w w w . n o v a l a n d . c o m . v n
INTRODUCING THE PALACE RESIDENCE
Source: Company information, as of April 30, 2019
LOCATION DISTRICT 2, HCMC
SITE AREA (HECTARES) 5.00
NSA (SQM) 233,923
PRODUCT TYPE APARTMENT, OFFICE, SHOPHOUSE
INTRODUCING DATE 4Q2018
HANDOVER DATE 1Q2022
TOTAL INTRODUCED UNITS/TOTAL SUPPLY
1,221/3,084
% Of take-up of total introduced units
72%
THE PALACE RESIDENCE
45
w w w . n o v a l a n d . c o m . v n
LOCATION Mui Ne, Binh Thuan
SITE AREA (HECTARES) 40
PRODUCT TYPE 603 villas
% Of take-up of total introduced units 100%
INTRODUCING DATE 4Q2018
EXPECTED COMPLETED DATE 2020
EXPECTED DATE OF CONSOLIDATIONINTO NOVALAND
Q3-Q4/2019
INTRODUCING NOVAHILLS MUI NE RESORT & VILLAS
NOVAHILLS MUI NE RESORT & VILLAS
Introducing ceremony dated Oct 14, 2018
Source: Company information, as of April 30, 2019
PROJECT RENDERCONFERENCE “SPOT LIGHTS OF HOSPITALITY MARKET IN MUI NE – PHAN THIET AND INTRODUCING
NOVAHILLS MUI NE RESORTS & VILLAS PROJECT” DATED OCT 14, 2018
46
w w w . n o v a l a n d . c o m . v n
INTRODUCING NOVABEACH CAM RANH RESORT & VILLAS
PROJECT OVERVIEW
PROJECT RENDER
Source: Company information, as of April 30, 2019
LOCATION Cam Ranh – Khanh Hoa
SITE AREA (HECTARES) 22,6
PRODUCT TYPE AND UNITSBungalow 26, Villas 182 Condotel
1,706 Shophouse 18
INTRODUCING DATE 4Q2018
EXPECTED COMPLETED DATE 3Q2020
EXPECTED DATE OF CONSOLIDATION INTO NOVALAND
Q3-Q4/2019
NOVABEACH CAM RANH RESORT & VILLAS
47
w w w . n o v a l a n d . c o m . v n
PIPELINE NEW LAUNCHES IN 2019
COMPANY IS TARGETING THE LAUNCH OF 4,500 RESIDENTIAL UNITS AND 2,000 HOSPITALITY UNITS IN 2019
PROJECT LOCATIONLAND AREA
(HA)UNITS LAUNCH DATE
PROJECT F Dist.2, HCMC 5 Up to 1,000 Q2-Q3/2019
PROJECT P Dist.2, HCMC 30 Up to 1,600 Q2-Q3/2019
PROJECT T Dist.9, HCMC 32 Up to 250 Q2-Q3/2019
OTHER
HOSPITALITY
PROJECTS
Cam Ranh – Khanh Hoa
Phan Thiet – Binh ThuanTBU Up to 2,000 TBU
48
w w w . n o v a l a n d . c o m . v n
2019 BUSINESS PLAN
SALES TARGET HAND-OVER UNITS NET REVENUE
5,802
4,500
6,500
2017 2018 2019
3,596
4,589
5,900
2017 2018 2019
11,632
15,290
18,000
2017 2018 2019
(Units) (Units) (VND bn.)
4. KEY FINANCIAL
HIGHLIGHTS
50
w w w . n o v a l a n d . c o m . v n
SALES PERFORMANCE
CUMULATIVE SALES PERFORMANCE(1) HANDED OVER UNITS
CUMULATIVE SALES NSA1) AVERAGE SELLING PRICE(2)
Source: Company information as of March 31st, 2018.
(1) Exclude Madison and Park Avenue.
(2) ASP for apartment was calculated by presales from Jan to Dec 2018. USD/VND: 23,303.
(*) Not including selling price of Madison and Park Avenue.
2,141 2,095 1,629
4,324
East West (*) South Central (*)
(Units) (Units)
(’000 sqm) (USD/m2)
12,034
19,302
24,791 26,144 27,053
2015 2016 2017 2018 1Q2019
847
1,322
1,733 1,883 1,944
2015 2016 2017 2018 1Q2019
1,903 2,020
3,596
4,589
2015 2016 2017 2018
450
1,832
1Q2018 1Q2019
51
w w w . n o v a l a n d . c o m . v n
GROWTH OF REVENUE AND PROFIT
NET REVENUE GROSS PROFIT
EBITDA NPAT
Source:Company’s Consolidated Financial Statements.
7,359
11,632
15,290 18,000
1,907
4,910
2016 2017 2018 2019P 1Q2018 1Q2019
+157%
1,583
3,257
5,158 4,750
551 1,281
2016 2017 2018 2019P 1Q2018 1Q2019
+132%
1,659 2,062
3,267 3,300
128 282
2016 2017 2018 2019P 1Q2018 1Q2019
1,002
2,807
4,507 4,132
442 1,173
2016 2017 2018 2019P 1Q2018 1Q2019
(VND bn) (VND bn)
(VND bn) (VND bn)
22% 34% 26%28%
23% 21% 7%18%14% 29% 23%24%
Margin ratio
26%
24% 6%
29%
23%
+165%
18%
52
w w w . n o v a l a n d . c o m . v n
10,166 11,300
15,581 17,445
10,047
13,256
20,460 20,749 1.01
0.85
0.76
0.84
-
0.20
0.40
0.60
0.80
1.00
1.20
-
5,000
10,000
15,000
20,000
25,000
2016A 2017A 2018A 1Q2019A
Net debt Equity Net debt/Equity
KEY CREDIT METRICS
EBITDA / INTEREST EXPENSES NET DEBT/ EQUITY
Debt/ Total assets Debt/ Equity
Source:Company’s Consolidated Financial Statements.
(*) Debt = long-term borrowings + short-term borrowings
(**) Net debt = long-term borrowings + short-term borrowings – cash and cash equivalent
(VND bn) (VND bn)
(VND bn) (VND bn)
1,002
2,807
4,507
1,173 863
1,205 1,381
380
1.16
2.33 3.26
3.09
-
0.10
0.20
0.30
0.40
0.50
0.60
0.70
0.80
0.90
1.00
1.10
1.20
1.30
1.40
1.50
1.60
1.70
1.80
1.90
2.00
2.10
2.20
2.30
2.40
2.50
2.60
2.70
2.80
2.90
3.00
3.10
3.20
3.30
3.40
3.50
(200)
300
800
1,300
1,800
2,300
2,800
3,300
3,800
2016A 2017A 2018A 1Q2019A
EBITDA Interest expenses EBITDA/ Interest expenses
13,503 17,950
27,908 26,061
36,527
49,467
69,912 69,661
37%36%
40%
37%
34%
35%
36%
37%
38%
39%
40%
41%
-
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
2016A 2017A 2018A 1Q2019A
Debt Total assets Debt/Total assets
13,503
17,950
27,908 26,061
10,047 13,256
20,460 20,749
1.34 1.35
1.36
1.26
1.20
1.22
1.24
1.26
1.28
1.30
1.32
1.34
1.36
1.38
-
5,000
10,000
15,000
20,000
25,000
30,000
2016A 2017A 2018A 1Q2019A
Debt Equity Debt/Equity
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DEBT PROFILE
PAYMENT SCHEDULE(*) DEBT BREAKDOWN BY CURRENCY
Type of debt
(VND bn)
7,174
5,674
4,057
1,962
5,615
2019E 2020E 2021E 2022E After 2023E
Source: Company information, March 31st, 2019
(*) Excluding VND1,913 billion of borrowings from third party and bond issuance cost
USD, 49%VND, 51%
Bonds, 25%
Convertible bonds, 21%
Convertible loans, 3%
Loans, 51%
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Contact informationInvestor RelationsPhone: +84 906 35 38 38 Ext. 3126
Email: [emailprotected]
THANK YOU
29
APPENDIX
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COMPLETED HCMC RESIDENTIAL PROJECTS
Source: Company information
(1) Metrics for Tropic Garden 1.2
(2) Metrics for both Lucky Dragon low rise and apartment developments
Lucky Dragon(2)
Location Dist.9
Land area (sqm) 9,024
Launch date 2Q14
Handover date 4Q16
Takeup rate 98.7%
ASP (USD) 1,126
Sunrise City
Location Dist.7
Land area (sqm) 51,261
Launch date 2Q11
Handover date 4Q14
Takeup rate 99.0%
ASP (USD) 1,598
Tropic Garden
Location Dist.2
Land area (sqm) 25,028
Launch date (1) 3Q14
Handover date (1) 2Q16
Takeup rate 100%
ASP (USD) (1) 1,251
The Prince Residence
Location Phu Nhuan Dist.
Land area (sqm) 4,644
Launch date 1Q13
Handover date 4Q15
Takeup rate 99.2%
ASP (USD) 2,215
Lexington Residence
Location Dist.2
Land area (sqm) 19,928
Launch date 1Q14
Handover date 4Q15
Takeup rate 99.9%
ASP (USD) 1,256
Icon 56
Location Dist.4
Land area (sqm) 2,904
Launch date 1Q14
Handover date 4Q15
Takeup rate 99.4%
ASP (USD) 1,994
Galaxy 9
Location Dist.4
Land area (sqm) 6,228
Launch date 1Q14
Handover date 4Q15
Takeup rate 100%
ASP (USD) 1,344
Lakeview City
Location Dist.2
Land area (sqm) 301,060
Launch date 2Q16
Handover date 1Q17 to 2Q19
Takeup rate 99.8%
ASP (USD) 3,144
Orchard Garden
Location Phu Nhuan Dist.
Land area (sqm) 4,303
Launch date 4Q14
Handover date 1Q17
Takeup rate 99.8%
ASP (USD) 1,453
Gardengate
Location Phu Nhuan Dist.
Land area (sqm) 4,887
Launch date 4Q14
Handover date 2Q17
Takeup rate 99.5%
ASP (USD) 1,629
Lucky Palace
Location Dist.6
Land area (sqm) 3,876
Launch date 3Q14
Handover date 2Q17
Takeup rate 98.8%
ASP (USD) 1,710
Rivergate
Location Dist.4
Land area (sqm) 7,069
Launch date 4Q14
Handover date 3Q17
Takeup rate 82.3%
ASP (USD) 2,340
The Tresor
Location Dist.4
Land area (sqm) 5,780
Launch date 4Q14
Handover date 3Q17
Takeup rate 99.7%
ASP (USD) 2,312
Kingston Residence
Location Phu Nhuan Dist.
Land area (sqm) 4,604
Launch date 2Q15
Handover date 4Q17
Takeup rate 96.5%
ASP (USD) 2,326
A B C
E F
G I
J
D
K L
M N O Wilton Tower
Location Binh Thanh Dist.
Land area (sqm) 7,169
Launch date 3Q15
Handover date 2Q18
Takeup rate 100%
ASP (USD) 1,537
H
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COMPLETED HCMC RESIDENTIAL PROJECTS
Source: Company information
Newton Residence
Location Phu Nhuan Dist.
Land area (sqm) 2,807
Launch date 2Q16
Handover date 4Q18
Takeup rate 96.8%
ASP (USD) 2,313
Sun Avenue
Location Dist.2
Land area (sqm) 38,073
Launch date 1Q15
Handover date 3Q18
Takeup rate 98.7%
ASP (USD) 1,832
Orchard Parkview
Location Phu Nhuan Dist.
Land area (sqm) 9,184
Launch date 3Q15
Handover date 4Q18
Takeup rate 99.8%
ASP (USD) 1,493
Richstar
Location Tan Phu Dist.
Land area (sqm) 27,802
Launch date 4Q15
Handover date 4Q18
Takeup rate 99.7%
ASP (USD) 1,319
Sunrise Riverside
Location Nha Be
Land area (sqm) 39,305
Launch date 3Q15
Handover date 3Q18
Takeup rate 76.4%
ASP (USD) 1,497
Saigon Royal
Location Dist.4
Land area (sqm) 6,669
Launch date 2Q16
Handover date 4Q18
Takeup rate 99.5%
ASP (USD) 2,924
P Q R
T US
Golden Mansion
Location Phu Nhuan Dist.
Land area (sqm) 15,129
Launch date 3Q15
Handover date 2Q18
Takeup rate 99.7%
ASP (USD) 2,016
V
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HCMC RESIDENTIAL PROJECTS UNDER DEVELOPMENT
Source: Company information
(*) Completed construction
Not inclusive of Palace Residence
Sunrise Cityview
Location Dist.7
Land area (sqm) 15,720
Launch date 2Q15
Handover date 4Q2019
Takeup rate 96.8%
ASP (USD) 1,695
Victoria Village
Location Dist.2
Land area (sqm) 42,777
Launch date 2Q17
Handover date 3Q19
Takeup rate 84.9%
ASP (USD) 2,990
Botanica Premier(*)
Location Tan Binh Dist.
Land area (sqm) 16,330
Launch date 1Q16
Handover date 4Q19
Takeup rate 98.4%
ASP (USD) 1,691
A
D
B
Grand Manhattan
Location Dist. 1
Land area (sqm) 14,002
Launch date 4Q18
Handover date 4Q20
Takeup rate* 16.9%
ASP (USD) 6,016
E
Golf Park Residence (*)
Location Dist.9
Land area (sqm) 25,398
Launch date 3Q15
Handover date 2Q19
Takeup rate 100%
ASP (USD) 740
C
The Botanica (*)
Location Tan Binh Dist.
Land rea (sqm) 9,028
Launch date 1Q15
Handover date 3Q19
Takeup rate 99.5%
ASP (USD) 1,506
F