NLG posted Q3 2021 NPAT-MI of VND297bn (USD13mn; vs Q3 2020’s low base of VND29bn/USD1.3mn) mainly thanks to a non-cash revaluation gain of VND362bn (USD14mn) from consolidating Southgate JSC. NLG increased its voting rights in Southgate JSC from 50% to 65% thanks to the authorization of votes from current shareholders; as a result, NLG consolidated the financials of Southgate JSC into its financial statements starting at the end of Q3 2021. We anticipate insignificant change to our 2021F NPAT-MI forecast for NLG of VND1.1tn (USD48.5mn; +34% YoY) as the handover progress at Akari City P1 has been slower than our previous expectation due to COVID-19; however, this is largely offset by the aforementioned Q3 2021 revaluation gain.