We reiterate BUY and raise our TP by 31% as we lift our 2019F/2020F/2021F NPAT-MI forecasts by 5%/12%/15%, increase long-term minimart sales/store and roll over our valuation to mid-2020. At a three-year PEG of 0.6, based on our forecasts, we find MWG’s valuations highly attractive. We forecast a 30% EPS CAGR during 2018-2021F, primarily driven by DMX and our forecast that BHX (minimart chain) will start contributing net profits on a full-year basis in 2021.