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NVL [MARKET PERFORM +3.6%] - Strong earnings growth but new issuances catch attention - Update

We reiterate a MARKET PERFORM (M-PF) rating on NVL with total return of 3.6%. Continuously solid selling progress at Lakeview (73% sold) and Saigon Royal Residence (77%), supports 2017F contract sales value of VND24 trillion (USD1.1 billion, +14% vs 2016). We expected faster top & bottom line growth in the last nine months of 2017 thanks to rising unit deliveries and estimated gains from project consolidations, boosting 2017F revenue to VND16.8 trillion (USD738 million, +129%) and NPAT-MI.