NVL posted 9M 2018 results with net revenue of VND6.7tn (USD292mn, +17% YoY) and NPAT-MI of VND1.4tn (USD60mn, +4% YoY), accomplishing only 32% and 46% of our forecasts for full-year 2018, respectively. These results tracked behind our expectation and trailed our full-year forecasts for 2018 due to slower-than-expected handover progress. As such, we anticipate around 20% downside risk to our current 2018 revenue forecast. However, we see this revision is related more to recognition timing