NVL [UNDERPERFORM -19.3%] - Aqua City, NovaWorld handovers to accelerate in 2022F - Update

- We maintain our UNDERPERFORM rating for NVL while increasing our target price by 8% to VND92,000/share. Our higher target price is mainly driven by (1) rolling our target price horizon to end-2022 and (2) a higher valuation for NovaWorld Phan Thiet as we raise our ASP assumption by 6% in accordance with the actual market price increase.

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