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NBB [M-PF +4.4%] - Divestment income offsets delayed handovers and sluggish land sales; TP reduced - Update

Revenue from City Gate Towers will not be recognized until 2017 due to slower than expected construction progress; as a result, we reduce our 2016 NPAT forecast by 32% to VND 164b. Divesting from mines in Quang Ngai will help to maintain some earnings momentum, partially compensating for sluggish real estate performance.