We attended NVL’s annual general meeting (AGM) on April 26, 2019. Management shared business strategy for NVL over 2019-2023 with three key product lines of its ecosystem including: (1) residential developments in HCMC, (2) satellite townships in nearby regions and (3) hospitality properties. Shareholders approved 2019 guidance with a net revenue of VND18tn (USD783mn, +18% YoY) and NPAT-MI of VND3.3tn (USD143mn, flat YoY), trailing our forecasts of VND23.5tn (USD1bn, +54% YoY) and VND3.