We attended DGW’s analyst meeting on May 7, 2021. Management provided colors on DGW’s Q1 2021 results and revenue target for 2021 as well as industry growth. Our key takeaways reaffirm our view of bright earnings prospects for DGW on the back of organic growth from its existing brands such as Xiaomi as well as contributions from newly acquired brands such as Apple and Huawei. We see no material changes to our current forecasts, pending a fuller review.