- We trim our target price (TP) for DGW by 3% and maintain our MARKET PERFORM rating.

- Our lower TP is mainly driven by reducing our 2024F NPAT-MI by 7% due to an 8% reduction in our non-ICT sales forecast in 2024. This leads to our decreasing 2025F-27F NPAT-MI by 5% in each year.

- We continue to view DGW’s valuation as fair with a 2025F P/E of 16x and 3-year PEG of 1x.

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