CII posted Q1 2021 results, in which net revenue was up 104% YoY to VND964bn (USD42mn) and NPAT-MI was only VND4bn (USD170,000; -98% YoY). CII’s top-line growth in Q1 2021 was mainly driven by the real estate segment’s revenue increasing 262% YoY to VND581bn (USD25mn), for which we believe the Son Tinh project in Quang Ngai Province was the main contributor.