NVL posted 2020 NPAT-MI of VND3.9tn (USD169mn; +14% YoY), which was mainly driven by divestment income from a series of land bank divestments throughout the year and non-cash revaluation gains upon the consolidation of Project C in Q3 2020. As 2020 NPAT-MI fulfills 99% of our forecast, we anticipate no significant change to our 2021F NPAT-MI forecast of VND3.9tn (USD172mn; flat YoY), pending for a fuller review.