We attended DHG’s online analyst meeting on April 14, 2021, in which DHG provided more details on the company’s 2021 guidance and long-term outlook as well as business support from Taisho — a Japanese pharmaceutical company that owns 51% of DHG. Overall, we see potential downside risk to our 2021 earnings forecast mostly due to net financial income; however, there is potential upside to our post-2021 revenue forecasts thanks to the realization of Taisho’s business support