NVL - Large divestment gains; positive Aqua City pre-sales - Earnings Flash
  • 2020-07-31T20:39:49
  • Company Research
NVL posted H1 2020 NPAT-MI of VND1.2tn (USD53mn; +49%YoY), which was mainly driven by financial gains from divestments at two land banks, while property handovers were minimal, as we expected. As the NPAT-MI result and pre-sales performance in H1 were in line with our expectation, we anticipate no significant change to our 2020F NPAT-MI forecast of VND3.4tn (USD146mn; flat YoY) and pre-sales value forecast of VND31.0tn (USD1.3bn; -22% YoY), pending for a fuller review.