新世界发展(0017.HK)：Pop the champagne，Reiterate Outperform，TP HK$14.56

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.