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NVL [MARKET PERFORM +0.3%] - Cautious on progress of new project launches - Update

We increase our target price by 39% but maintain our MARKET PERFORM rating on NVL, following the stock’s strong YTD 40% rally. Our target price revision mainly reflects (1) Increasing NAV valuations for project C and project I on higher ASP/unit as NVL plans to revise the master plans for these projects (2) DCF roll-over. We project 2018F NPAT-MI to grow +50% YoY to VND3.1tn (USD134mn) but lower our pre-sales value assumption by 36% to VND13.7tn (USD600mn, -27% vs 2017).