We maintain our target price for NLG at VND38,000/share but downgrade our rating to MARKET PERFORM from BUY as NLG’s share price has rallied 28% over the past three months. We forecast NPAT-MI to reach VND1.07tn (USD47mn; +28% YoY) in 2021F and VND1.12tn (USD49mn; +5% YoY) in 2022F, which is mainly driven by (1) key deliveries — including Akari City P1 and Southgate - and (2) revaluation/divestment gains for Waterfront/Paragon.