We upgrade our rating from MARKET PERFORM to OUTPERFORM as we believe DHG now looks appealing with a 2021F PER of 16.4x compared to its five-year average of 18.5x and a five-year peer average of 18.9x after a 6% share price correction in the last three months. We raise our TP by 4% thanks to a 50-bp decrease in our house cost of equity to 12.5% and a rollover of our TP to mid-2022. Meanwhile, we cut our aggregate 2021F-2023F NPAT-MI by 5% as we lower our projected cash deposit rates partly