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DHG - In-house products recovery, tax benefits boost earnings - Earnings Flash

DHG released its FY16 results showing NPAT grew 20.6% vs FY15, which beat our forecast by 4% mostly due to a lower-than-expected effective tax rate in Q4 2016. We will review DHG’s tax situation and issue a more detailed update shortly. However, we do not foresee any material changes to our target price and will likely maintain our MARKET PERFORM recommendation.