We reiterate BUY while trimming our target price by 1% as we cut our 2020F-2022F NPAT by 1%-2% due to downward revisions to our 2020 online sales and BHX’s store count projections. We now expect MWG to open 750 new BHX (minimart) stores in 2020 (vs 1,000 previously) as MWG aims to increase the store density of BHX’s existing clusters in the South in order to improve the utilization of its distribution centers (DCs) rather than prioritizing expansion to new regions.