NVL posted its Q1 2019 results with net revenue of VND4.9tn (USD213mn, +157% YoY) and NPAT-MI of VND282bn (USD12mn, +124% YoY). The growth in Q1 was mainly driven by the continuous handovers of pre-sold units at several key developments such as Sun Avenue, Sunrise Riverside, RichStar and Saigon Royal Residence (accounting for 93% total units delivered in Q1). These scheduled handovers were in line with our expectation given our estimated strong backlog of VND34tn (USD1.5bn)