We reiterate our MARKET PERFORM rating and target price of VND64,500/share for NVL. We maintain our 2018 NPAT-MI forecast of VND3.1tn (USD136mn, +54% YoY) as a gain from a hospitality asset divestment in Q4 will offset lower-than-expected property deliveries. We estimate VND32tn (USD1.4bn) of locked-up pre-sales of the remaining pre-sold residential units will drive 2019 NPAT-MI growth forecast of 13% to reach VND3.5tn (USD152mn).