VHM posted Q3 2021 results with net revenue reaching VND20.7tn (USD900mn) and NPAT-MI growing 89% YoY to VND11.2tn (USD485mn). These strong results were primarily driven by the recognition of two bulk sales transactions for total revenue of VND13.0tn (USD570mn) in addition to the ongoing handovers of retail units at Ocean Park and Smart City. As such, VHM recorded robust 9M 2021 results with net revenue increasing 25% YoY to VND61.7tn (USD2.7bn) and NPAT-MI growing 66% YoY to VND27.1tn (USD1.2bn). These 9M 2021 results fulfilled 79% and 91% of our respective full-year forecasts; therefore, we anticipate upside risk to our 2021F forecast for VHM as stated in our last Update Report, VHM [BUY +26.3%] - Bulk sales strategy to support H2 2021 earnings, dated August 20, 2021.