We maintain our MARKET PERFORM rating for DHG. In our view, DHG’s current 2020F PER of 18.3x looks full given its single-digit earnings growth outlook, based on our estimate. We lift our TP by 15% as (1) we raise our aggregate 2021F-2023F NPAT-MI by 4% thanks to higher projected in-house product revenue and opex optimization, (2) our house cost of equity decreasing by 1.2 ppts to 13.0% and (3) a rollover of our TP to YE2021.