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NLG [BUY +24.9%] - Earnings poised to fly high in 2017 - Update

We upgrade our rating for NLG from MARKET PERFROM (M-PF) to BUY with total return of 24.9%. We raise our target price by 19% on revaluing the Mizuki Park and Nguyen Son projects, coupled with an improved outlook on the Waterpoint project. Fuji Residence and Kikyo Residence projects have nearly sold 100% of townhouses, reinforcing our confidence in 2017F contract sales value of VND4.3 trillion (USD190 million), +54% vs 2016. Commencement of deliveries at key projects and a 50% stake tran