M posted Q1 2021 results with net revenue doubling YoY to VND13.0tn (USD565mn) and NPAT-MI reaching VND5.4tn (USD235mn; -21% YoY) — equivalent to 15% and 18% of our respective full-year forecasts. These Q1 2021 results were mainly driven by the scheduled handovers of ~2,900 retail units — mostly from mega projects — and the recognition of bulk sales transactions at Ocean Park and Grand Park. As Q1 2021 was mostly in line with our expectation, we anticipate no significant change to our 2021F NPAT