We cut our rating on DIG from a Buy to a Hold. We reduced our RNAV per share 8% to VND17,500 due to lower prices and late project launches. Although DIG trades at a 27% discount to RNAV, we do not see the stock moving higher given its weak 9MFY12 results (net profit down 59% YoY) and expected poor 4Q results. On the positive side, it is considering to pay DPS of FY11 of VND1,000 (7.9% yield) in Dec FY12. It has a large land bank acquired at low cost, and the Ministry of Construction owns 56.7%.