We reiterate a BUY rating for REE with 30.5% total return, including a dividend yield of 4.0%. Our target price inched up 5.2% due to DCF roll-over and higher valuation of power portfolio. We project 2018 earnings growth of 15.6% thanks to the opening of E-town Central, the resilient performance of the Mechanical & Engineering (M&E) segment, contribution from newly-acquired VCM and no provision for QTP (which weighed on 2017 earnings by 9.8%).