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NLG - Property sales fuel growth; Waterpoint stake sale recorded - Earnings Flash

NLG posted 9M 2018 results with net revenue of VND2.7tn (USD119mn, +67% YoY) and NPAT-MI of VND635bn (USD28mn, +80% YoY). This upbeat performance was mainly underpinned by stronger deliveries of pre-sold units over the first nine months. Overall, these results are broadly in line with our expectation, and we anticipate no significant change to our 2018 NPAT-MI forecast of VND853bn (USD37mn, +59% YoY). We maintain our BUY rating on NLG with a total projected return of 39%.