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DXG [M-PF -3.4%] - Positive sentiment on new landbank driving stock rally - AGM Note

We attended DXG's AGM on Friday, March 31, 2017, which was generally quite positive. However, DXG’s share price has rallied 21% since our last update report. Since we do not yet have sufficient information regarding recently acquired landbank to revise our target price, we therefore lower our rating from O-PF to M-PF. Solid growth in brokerage services and new deliveries at the Opal Garden and Opal Riverside projects bolster 2017 NPATMI growth guidance of 30%.