We reiterate a BUY rating and target price of VND33,300 per share for NLG (prices are adjusted for the upcoming 5:1 rights issue with the issue price at VND20,000 per share). Well-expected deliveries at Fuji and Kikyo Residence in Q4 2017 will mainly support 2017F NPAT-MI of VND503 billion (USD22.1 million), +46% vs 2016.