We upgrade DHG from SELL to UNDERPERFORM following a 16% share price correction over the last three months. DHG’s TTM PER of 21.3x (24% premium to peers) looks full against our 5% EPS CAGR forecast for 2018-2021F. We trim our TP by 2% as we curtail our 2019F-2021F EPS by 0.6% on average, primarily due to a one-ppt cut to our annual sales volume growth assumptions. We project a 2018-2021F CAGR of 3% for in-house product sales volume amid heightening competition in the pharmacy channel