LHG released Q3 2021 results that are broadly in line with our current expectation. LHG’s Q3 2021 revenue was down 28% YoY to VND52bn (USD2.2mn) while its NPAT-MI declined 14% YoY to VND20bn (USD860,000). The weak earnings in Q3 2021 were mainly driven by the company not having any IP land sales revenue — in line with our current expectation.