NVL posted Q4 2021 results with net revenue of VND4.6tn (USD200mn; +275% YoY) and NPAT-MI of VND817bn (USD36mn; +42% YoY) mainly thanks to handovers of pre-sold units at NovaHills Mui Ne, Aqua City and Saigon Royal. We note that Q4 2021 financial income included VND496bn (USD21.6mn) of interest income from co-operation contracts and was mostly offset by VND447bn (USD19.4mn) of interest expenses on investment co-operation contracts, resulting in a minimal net impact on NVL’s earnings for the quarter.