We reiterate UNDERPERFORM on DHG as we trim our target price by 2%. DHG’s 2019F PER of 19.5x (32% premium to peers) looks demanding against our 5% EPS CAGR forecast for 2019F-2022F.We trim our 2020F-2022F EPS forecasts by 4% on average, mainly because in-house product GPM is tracking slightly below our projections while we lift projected effective tax rates.