We reiterate a M-PF rating on DQC as we think the stock is fully valued with a projected 2019F EV/EBITDA of 6.3x, which is above the peer group’s median/average of 5.5x/6.2x. We trim our target price by 2% as upward earnings revisions are more than offset by higher receivables assumptions. We raise 2019F/2020F/2021F EPS by 5%/5%/7%, respectively, amid strong sales momentum underpinned by the new competitively-priced LED line-up and sales to real estate projects (B2B).