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DHG [UNDERPERFORM -13.7%] - Share price performance outpaces fundamental progress - Update

Despite raising our TP by 13%, we downgrade our rating for DHG from MARKET PERFORM to UNDERPERFORM as since our last update on April 21, 2017, its share price has rallied 29% and entered an expensive territory in our view. Our TP increase is mostly driven by our incorporation of local peers (PER method) into our valuation.