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DXG [O-PF +13.8%] - Solid pre-sales boost earnings outlook - Update

We reiterate an O-PF rating for DXG with total return of +13.8%. Ambitious new launches will fuel contract sales value of +91% in 2017 and +47% in 2018. Strong 2016 locked up pre-sales and higher GPM of upscale deliveries drive 2017F and 2018F earnings growth of 20% and 24%, respectively. Despite a 36% rally YTD, 2017F P/E of 7.1x and P/B of 1.1x look appealing with DXG’s position.