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NVL [OUTPERFORM +12.2%] - 2018 core earnings locked-in but no sign of new launches - Update

We lower our target price by 15% but change our rating to OUTPERFORM from MARKET PERFORM on NVL following the stock’s sharp 25% correction since our last update. Our target price revision mainly reflects our expectation that the launches of a number of NVL’s residential developments will be further delayed. Despite a slow Q1 2018, which trailed our 2018 forecast, we expect a faster pace of handovers and one-off gains from consolidating some projects to underpin our 2018F NPAT-MI growth of