- We reiterate our OUTPERFORM rating for NLG and increase our target price (TP) by 9.0% to VND42,200/share. Our higher TP is mainly due to (i) our higher valuation for the Southgate project as we now factor in high-rise components and (ii) removing our 5% RNAV discount.

- We broadly maintain our 2023F NPAT-MI at VND605bn (USD25.7mn; +9% YoY) as we continue to expect (i) deliveries at Southgate, Mizuki Park and Izumi City as well as (ii) one-off gains from the 25% Paragon stake sales and commercial land sales at the Kikyo Residence project in H2 2023F. We increase our handover projection for Mizuki Park in 2023F following its upbeat construction progress, which is offset by higher minority interest projection at Southgate.

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