We reiterate BUY as we believe MWG’s strong business execution will lead to elevated earnings growth post-2020. MWG’s current 2021F PER of ~13x looks appealing given our forecast of at least 25% EPS growth per annum in the next few years. We raise our target price by 6% as we roll it over to mid-2022 and incorporate a 50-bp reduction in our house cost of equity to 12.5%. These adjustments are partly offset by a 6% cut to our aggregate 2021F-2023F NPAT due to larger projected losses for BHX