We reiterate our BUY rating for NLG and cut our target price by 7% to VND48,300/share on a lower pre-sales forecast due to longer-than-expected legal procedures and the inclusion of 2019/20 ESOP. We maintain our 2019F NPAT-MI forecast at VND952bn (USD41mn, +25% YoY) as a potential gain from a project transfer could offset slower-than-expected deliveries at Waterpoint first phase and the delay of stake sales/service revenue from Akari City, all due to legal procedure constraints.