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NLG - Strong revenue growth from recognition in low-end projects - Earnings Flash

We reiterate our O-PF rating for NLG. H1 2016 results were broadly in line with our forecasts released on July 20, 2016. Q2 revenue grew 191% vs Q2 2015, mostly driven by revenue recognition from NLG’s. ow-end projects in HCMC. Revenue was 52% of our forecast and in line with our expectation.