We trim our target price (TP) for MWG by 3% but maintain our BUY rating. Our lower TP is primarily driven by our lower valuation for grocery chain BHX due to our decreased aggregate net income forecast for 2022F-2031F, which is partly offset by (1) higher valuations for TGDD and DMX due to an increase in our aggregate net income forecast for 2022F-2026F and (2) the positive effect of rolling our TP forward to mid-2023 vs YE2022 as previously. 

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