Maintain BUY with an increased NAV of Rs 641/share. Sobha Developers (SDL) 4QFY18 net profit came in at Rs 0.7bn vs. our estimate of Rs 0.4bn. SDL recorded a healthy 1.02mn sqft of pre-sales for 4QFY18. Pre-sales value (SDLs share) was Rs 6.6bn, which is 30% higher YoY.