We reiterate a MARKET PERFORM (M-PF) rating on NVL and lower our target price by 2.2% after factoring in an upcoming issuance of 20 million ESOP shares (3.2% of outstanding shares). We lowered our forecast as delivery progress has been slower than expected. However, NPAT-MI should still reach VND2.1 trillion in 2017F (USD92 million, +26% vs 2016) and VND2.7 trillion in 2018F (USD117 million, +27% vs 2017F) on the back of solid locked-up pre-sales.