NLG posted modest Q2 2021 results with net revenue of VND401bn (USD17.4mn; +66% YoY) and NPAT-MI of VND47bn (USD2mn; -31% YoY) that was mainly supported by construction services business — as we expected. As a result, NLG’s H1 2021 NPAT-MI reached VND412bn (USD16mn; +131% YoY) mainly thanks to a Q1 2021 revaluation gain upon consolidation for the Dong Nai Waterfront (new commercial name is Izumi City). As we continue to believe NLG’s earnings will accelerate in H2 2021 with handovers