We reiterate our OUTPERFORM rating as we believe DGW’s leading distribution and market expansion expertise — as proven by its exclusive contracts with Xiaomi and Huawei as well as recently becoming one of Apple’s four authorized distributors in Vietnam — will elevate its core ICT and office equipment (OE) revenue. We lift our TP by 7% primarily thanks to a 50-bp decrease in our house cost of equity to 12.5%.