DIG announced Q1 2022 results with net revenue of VND519bn (USD22.6mn; +4% YoY) and NPAT-MI of VND63bn (USD2.7mn; +53% YoY) that were mainly supported by handovers at the Nam Vinh Yen and Hiep Phuoc land plots. These revenue and NPAT-MI results are equivalent to 13% and 6% of our respective full-year forecasts. However, we foresee insignificant change to our 2022F NPAT-MI forecast of VND1.1tn (USD46mn; +10% YoY) as DIG typically records most of its profit in Q4. We also note that management set aggressive 2022 guidance (approved at its AGM on April 22) for PBT of VND1.9tn (USD83mn; +48% YoY — 44% higher than our PBT forecast), which translates to 2022 NPAT-MI guidance of VND1.5tn (USD66mn; +54% YoY — 44% higher than our NPAT-MI forecast).