机构：麦格理

　　评级：买入

　　目标价：14.56港元

　　Key points 

　　The company will report FY18 after market close. We expect core profit of HK$7.7bn, up 7.7% YoY. 

　　Property sales should be sustained in FY19 and we project 25% earnings growth for FY19 and 9% for FY20. 

　　K11 MUSEA and K11 ARTUS should open in 2019, boosting NAV. 

　　Price catalyst  

　　12-month price target: HK$14.56 based on a Sum of Parts methodology. 

　　Catalyst: more pre-leasing progress of K11 MUSEA. Action and recommendation 

　　Stock is trading at 0.5 PB and 50% discount to NAV. Reiterate Outperform.