We initiate coverage on DGW with an OUTPERFORM rating and projected TSR of 16.5%. 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 drive growth in its core ICT and office equipment (OE) segments. We forecast mobile revenue (51% of 2020’s total revenue) will post a 2020-2023F CAGR of 28%, underpinned by Xiaomi’s market sh