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NVL [MARKET PERFORM +5.1%] - H2 2017 earnings to accelerate but new launches delayed - Update

We reiterate a MARKET PERFORM (M-PF) rating on NVL as we lower our target price by 8% on an updated net cash balance and a revaluation of the Water Bay and Harbor City projects. We lower 2017F contract sales value by 16% to VND20.7 trillion (USD907 million, flat vs 2016) as NVL delayed launch times for the Water Bay and Harbor City projects.