We maintain our BUY rating for NLG and keep our target price unchanged at VND48,300/share. We forecast that strong scheduled handovers at the Waterpoint first phase and Mizuki Park (unconsolidated projects) – along with the recognition of stake sales of the Waterpoint first phase (second tranche of the first phase) and Akari City (partial gain recognition) – will mainly contribute to the 2020F NPAT-MI forecast of VND1.1tn (USD49.4mn, +18% YoY). We trim our 2020F NPAT-MI forecast by 3%