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DHG [MARKET PERFORM -8.0 %] - Easing tax benefits further weigh on earnings prospects - Update

We maintain our MARKET PERFORM rating with our TP trimmed by 8% mostly due to lower earnings forecasts, driven by disappointing FY17 in-house sales and higher tax rates. Q4 2017 in-house product sales only increased 5% YoY after sliding 1% YoY in 9M 2017, below our expectation. This underscores our conservative view on DHG’s growth outlook.