We reiterate our MARKET PERFORM rating for NVL as we maintain our views regarding the company’s pre-sales performance and earnings forecasts. We cut our target price by 3% to VND57,000/share, which is mainly due to a lower net cash balance as of end-Q1 2020. Our 2020-2022F NPAT-MI forecasts remain broadly unchanged. We forecast 2020F NPAT-MI at VND3.4tn (USD146mn; -2% YoY), mainly driven by our expected asset revaluation gains upon the consolidation of investments (land banks/subsidiaries)