We reiterate our BUY rating for NLG while increasing our target price 30% to VND56,000/share mainly due to (1) the addition of newly acquired land banks such as Waterfront (170 ha; Dong Nai) and VSIP Hai Phong (21 ha; Hai Phong) and 2) higher ASP assumptions for the Waterpoint first phase, Akari City and Mizuki Park. We raise our 2018-2021F NPAT-MI CAGR forecast to 27% from 25% as we push forward the scheduled delivery projection of Waterpoint first phase on its faster-than-expected