We reiterate BUY despite cutting our target price by 41%, which is premised on (1) downward revisions of 29%/23%/20% to 2020F/2021F/2022F NPAT as the COVID-19 outbreak has been worse than our initial assumption and (2) a new valuation discount of 30% to TGDD/DMX to reflect risk of a prolonged outbreak — a material risk to ‘non-essential’ retail businesses. We will reassess this valuation discount in the future once the outbreak shows clear signs of fading.