We reiterate our MARKET PERFORM rating for NVL while we increase our target price by 3% to VND64,000/share, mainly on the addition of a newly acquired project, Aqua City (118ha, Dong Nai), and imminent mega hospitality acquisitions (NovaWorld) that outweigh lower valuations of Project P and Project C from delayed launch prospects primarily due to ongoing approval issues in HCMC.