H1 2018 NPAT-MI growth trailed revenue growth due to the previous year’s high base on the Mizuki Park development’s stake transfer in Q2 2017, which was in line with our expectation. Meanwhile, the sales value and time completion of Waterpoint’s stake sale exceeded our expectation, likely leading to an upward revision of our 2018-19 earnings forecast and target price for NLG in our next update report.