DHG has rallied 34% on market talk of a stock split and possible increase in foreign room. It has hit and exceeded our target price in our BUY recommendation on 2 July. We reiterate our target price and hence recommend HOLD as we see current price level has fully priced in its fundamentals. Its 2QFY13 earning is in line with our forecast, and we keep our projections for 2H13 unchanged.