NLG posted Q1 2020 NPAT-MI of VND110bn (USD4.8mn; -24% YoY), which was mostly driven by ongoing deliveries at the Mizuki Park first phase (unconsolidated project) and Flora Novia — as we expected. This result was equivalent to 10% of our 2020F NPAT-MI forecast of VND1.1tn (USD49.4mn; +18% YoY). Per management, due to the COVID-19 pandemic, sales launches of the next batches of the Waterpoint first phase will be delayed to H2 2020 (vs its previous plan in early Q2 2020), resulting in its handov