We reiterate BUY as we believe MWG’s strong business execution will lead to elevated earnings growth post-2020. MWG’s current 2020F PER of 13.2x looks appealing given our EPS CAGR forecast of 33% during 2020F-2023F. We lift our TP by 16% as (1) we raise our aggregate 2021F-2023F NPAT-MI by 6% thanks to a higher projected GPM for the phone (TGDD) and consumer electronics (DMX) chains, (2) our house cost of equity decreasing by 1.2 ppts to 13.0% and (3) a rollover of our TP to YE2021.