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NLG - Management reemphasizes focus on affordable housing - AGM Note

We attended NLG’s 2017 AGM on Saturday, April 22, 2017, which was generally positive. Handovers at key projects and a gain from stake transfer of the Mizuki Park project (formerly Nguyen Son project) will boost 2017 NPAT-MI growth guidance of 46%, broadly in line with our expectation. Management set challenging residential pre-sales target of 4,000 units (+55% vs 2016), translating to VND5.5 trillion (USD241 million, +96% vs 2016), higher than our previous forecast by 28%.