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NLG [BUY +36.4%] - Waterpoint progress strengthens growth outlook - Update Report

We reiterate our BUY rating on NLG and a target price of VND41,900. We increase our valuation of NLG’s Waterpoint land bank, as we raise its premium to book value to 100% from 50% given we expect this to be partly monetized in Q4 2018 or Q1 2019.