We maintain our OUTPERFORM rating as we believe DHG looks appealing with 2021F/2022F PERs of 16.5x/15.4x vs its five-year average of 18.7x and a five-year peer average of 18.4x. We maintain our outlook of mid-single-digit earnings growth per annum for DHG, which will be mainly driven by its longstanding, extensive presence in the pharmacy channel as well as Taisho’s (DHG’s controlling shareholder) product support in fast-growing lifestyle disease treatments such as neurological, cardiovascular