NLG [MARKET PERFORM +0.4%] - Launch of new project Izumi City to drive pre-sales outlook - Update

We maintain our MARKET PERFORM rating for NLG while raising our target price by 38% to VND54,000/share mainly due to the positive impact from rolling over our target price horizon to end-2022 and higher valuations for (1) Izumi City (after revising up our ASP assumption by ~70% to match the actual selling price), (2) the Waterpoint second phase (in line with management’s plan to raise capital for the development of this project) and (3) the Can Tho project (as its launch in Q3 2021 was earlier than our previous forecast).