NLG [BUY +24.0%] - Solid earnings and pre-sales growth on course in 2017 - Update

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We reiterate a BUY rating for NLG with total return of 24.0%, including a 1.6% cash dividend yield. We raise our target price by 15% due to a higher net cash balance as of Q2 2017, coupled with a revaluation of the Mizuki Park project on a higher average selling price (ASP) outlook. Mid-range and landed properties in H1 2017 continued to show healthy demand, reinforcing our forecast for NLG’s 2017 contract sales value of VND4.8 trillion (USD209 million), +70% vs 2016.
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