We reiterate BUY as we raise our TP by 1% in accordance with 1%-5% increases in our 2019F-2021F NPAT as electronics (DMX) margins are tracking ahead of our previous projections. The ongoing positive progress in the roll-out of DMX and BHX (minimart) cements our upbeat view on MWG’s long-term growth. We forecast DMX’s revenue and NPAT to deliver CAGRs of 23% and 31% over 2018-2021F, respectively, underpinned by store layout optimization and store expansion.