DXG [OUTPERFORM +13.0%] - Moving ahead in top gear - Update

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We upgrade DXG’s rating to OUTPERFORM (O-PF) as we revise up our target price by 27% amid newly acquired projects and a 90 bps reduction in WACC. Solid locked-up 2016 pre-sales and optimistic brokerage services growth will propel 30% 2017 NPAT-MI growth, although we forecast 2017 EPS to decline by 25% due to a 1:1 rights issuance at the end of 2016. A mid-range market that is outperforming other property segments and new launches underpin 2017 pre-sales growth of 91%.
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