We reiterate a BUY rating on NLG. Our target price is unchanged at VND43,000/share as an upward revision of our ASP assumption for Akari City and the exclusion of a 40 million share issuance plan offset a lower net cash balance forecast. We cut our 2018 NPAT-MI forecast by 6% to VND800bn (USD35mn, +50% YoY), mainly due to a delay in booking the Akari City stake sale into 2019 as a result of further paperwork requirements.