We reiterate BUY and keep our target price as we revise our 2019F/2020F/2021F NPAT-MI by -3%/-6%/0%; however, this was offset by a rollover of our valuation to YE2020. Our lower earnings forecasts for 2019F-2020F are mainly driven by BHX’s (minimart chain) higher-than-expected opex, which is partly offset by an increase in the combined GPM of TGDD (mobile phone chain) and DMX (consumer electronics chain).