MWG [OUTPERFORM +12.8%] - Raising projections for ICT margins, BHX’s future profits

- We raise our target price (TP) by 19% but maintain our OUTPERFORM rating for MWG as the stock has rallied 16% over the past three months. - Our higher TP stems from (1) a 27% increase in our valuation for BHX and a 13% increase in our valuation for TGDD