NLG released Q4 2021 results with net revenue of VND4.4tn (USD192mn; +381% YoY) and NPAT-MI of VND361bn (USD16mn; -42% YoY). Per management, NLG handed over ~1,500 units at Akari City Phase 1 (P1) in Q4 2021 and recorded ~VND3.5tn (USD152mn) of revenue from this project. We note that the surging SG&A expenses in Q4 2021 were partly offset by the higher-than-expected deliveries at Akari City P1. 

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