We maintain our target price at VND19,000 (upside 13%). Despite weak earnings outlook in FY2012, DIG remains one of few real estate developers we favour due to its advantage over peers in having a large land bank (currently 126ha of marketable land area) acquired at low cost. In the short-term, we are anticipating a possible stake transfer of the company’s 28% stake in Dai Phuoc-Vina JV.