NLG released Q1 results with both top and bottom lines slowing significantly. Despite this, we expect NLG’s earnings to accelerate in the coming quarters of 2017, fuelled by deliveries of projects under construction and a 50% stake transfer of the Mizuki Park project (previously called Nguyen Son in Binh Chanh district). We currently have a M-PF rating on NLG, including a 1.8% cash dividend yield, and do not foresee any significant changes to our current target price and forecasts.