We maintain our MARKET PERFORM rating. In our view, DHG’s current 2020F PER of 17.5x looks full given its single-digit earnings growth outlook, based on our estimate. We lift our DCF-based target price by 4% as we increase our aggregate 2020F-2022F NPAT-MI by 14%, partly thanks to a better-than-expected in-house product GPM. DHG’s secured active pharmaceutical ingredient (API) prices have been more favorable than we projected.