Lifestyle (1212.HK)：Benefit from consumption upgrading trend， Outperform，TP HK$17.50

机构：麦格理

评级：买入

目标价：17.50港元

Key points 

1H18 strong SSSg and not much moderation yet.

GPM and OPM well maintained.

Kai Tak Project will commence operation in 2022; dividend payout depends on market condition. 

 Price catalyst 

12-month price target: HK$17.50 based on a PER methodology.

Catalyst: 2018 annual results. 

Action and recommendation

Reiterate Outperform rating.