We reiterate a BUY rating for REE with 44.0% total return, including a 4.7% dividend yield. 2018 earnings are projected to grow 22.7% YoY thanks to good performance by the power portfolio and one-off income from land disposal of USD4mn. We project 2019 earnings growth of 9.7% to be mainly driven by a strong M&E recovery of 58.3% YoY off a low base, as the company aggressively books cost this year, and office leasing growth of 37.2%, thanks to the full operation of E-town Central.