NLG posted strong Q4 2020 NPAT-MI of VND627bn (USD27mn; +14% YoY), mainly thanks to transferring half of its stake in Waterfront and delivering the first batch of Southgate Phase 1 to homebuyers, which is as we expected. For full-year 2020, net revenue reached VND2.2tn (USD96mn; -13% YoY) and NPAT-MI reached VND835bn (USD36mn; -13% YoY), which were equivalent to 132% and 98% of our full-year forecasts, respectively.