NVL posted Q3 2020 NPAT-MI of VND2.1tn (USD92.7mn), which was mainly driven by non-cash revaluation gains upon the consolidation of Project C – Thanh My Loi, District 2, HCMC. As a result, NVL’s 9M 2020 NPAT-MI reached VND3.3tn (USD145.4mn; +199% YoY), which is equivalent to 96% of our 2020F forecast. We anticipate upside risk to our 2020F NPAT-MI forecasts, which is mainly due to higher-than-expected financial gains from asset revaluation.