We maintain our MARKET PERFORM rating for NVL while increasing our target price by 21% to VND75,000/share mainly due to our increase in assumed ASP for Project C, Aqua City and NovaWorld Ho Tram and Phan Thiet. We forecast 2021F NPAT-MI to grow 4% YoY to reach VND4.1tn (USD176mn; 3% higher than our previous forecast) as we expect stronger handovers of pre-sold units at the Aqua City and NovaWorld projects to more than offset the decline in financial income from asset revaluation gains upon