NLG – Modest earnings but robust presales in 2H19F – Update

• NLG’s 1H19 net profit rose 23.6% yoy, backed by one-off gain from 1Q19 which offset subdued project deliveries.
• Higher-than-expected selling price and robust take-up of Waterpoint could improve 2H19F presales, in our view.
• We raise our TP to VND42,800 to reflect the higher selling price of Waterpoint and the addition of the new Hai Phong project to our RNAV.

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