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DHG [M-PF +7.3%] - Tax incentives cushion profits amid easing sales growth - Update

We reiterate a MARKET PERFORM rating on DHG as 9M 2016 results underscore our view of normalizing sales growth at DHG. We remain watchful on new developments in its partnership with Taisho. Tax incentives for new factories are underpinning profits amid A&P ramp-up, as DHG has commenced its new Betalactam factory in October 2016. Thanks to this, we raise our TP by 5%.