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NVL [MARKET PERFORM -2.9%] - Attempting new launches while diversifying into hospitality - Update

We switch our rating for NVL to MARKET PERFORM from OUTPERFORM as the stock price has rallied 25% since our last update report. Higher valuations for projects C, J and H and an additional hospitality pipeline offset an increase in WACC, leading to a revision of our target price up 8%. We expect faster property handovers and one-off gains from project consolidation during H2 2018, underpinning our 2018F NPAT-MI of VND3.1tn (USD133mn, +58% YoY).