NLG posted strong Q1 2021 NPAT-MI of VND365bn (USD16mn; +231% YoY) that was mainly thanks to a revaluation gain upon consolidation at Dong Nai Waterfront (DNWF) — with the new commercial name of Izumi City. As this revaluation gain was largely in line with our expectation and as NLG’s Q1 2021 NPAT-MI achieved 34% of our full year forecast, we foresee insignificant change to our 2021F NPAT-MI forecast (VND1.07tn/USD47mn) for NLG.