Tu Liem Urban Development JSC’s (HOSE: NTL) main business activity is real estate development (contributing 98% of 2020 net revenue), followed by construction (0.1%) and other goods & services (1.5%). 2020 NPAT-MI jumped 26.3% YoY, which was mainly driven by significant gross profit growth from real estate (+18.7% YoY) — mostly from the LIDECO North Highway 32 project. While NTL targets for a 22.5% YoY increase in 2021G net revenue to VND800bn, the company has set conservative 2021G guidance.