We maintain our MARKET PERFORM rating for NVL as well as our views regarding the company’s pre-sales outlook and earnings forecasts. Our RNAV-based target price is unchanged at VND57,000/share as our additional valuation for the 92-ha land bank in the Aqua City urban township (Dong Nai Province) is offset by a higher debt balance as of end-Q2 2020. We forecast a 2% 2019-2022F NPAT-MI CAGR (vs 5% in our previous update), of which financial income from asset revaluation gains upon