NLG posted 9M 2019 results with net revenue of VND1.3tn (USD58mn, -52% YoY) and NPAT-MI of VND412bn (USD18mn, -35% YoY). We foresee no significant change to our 2019F forecast of VND3.9tn (USD170mn, +12% YoY) in revenue and VND951bn (USD41mn, +25% YoY) in NPAT-MI. We expect property and land bank sales to accelerate in Q4 2019. 9M 2019 results are equivalent to only 34% and 43% of our respective forecasts for 2019F revenue and NPAT-MI.