VHM posted strong 2020 results with NPAT-MI surging by 28% YoY to VND27.8tn (USD1.2bn), beating our full-year forecast by 12%. This 2020 result was mainly driven by the scheduled handovers of ~31,600 retail units and the recognition of three bulk sales transactions from three existing mega projects. We anticipate no significant change to our 2021F NPAT-MI forecast of VND28.6tn (USD1.2bn), pending for a fuller review.