NVL posted positive Q1 2021 results with net revenue of VND4.5tn (USD196mn; almost quadruple vs Q1 2020’s low-base) and NPAT-MI of VND537bn (USD23mn; +67% YoY) — equivalent to 26% and 13% of our full-year forecasts, respectively. We foresee insignificant change to our 2021F full-year NPAT-MI forecast of VND4.1tn (USD176mn; +4% YoY), pending a fuller review.