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DHG - OUTPERFORM - Sales jump as new factory online - Update

We reiterate our OUTPERFORM rating on DHG as we believe the company will continue to deliver steady 14% EPS growth until at least 2018 as the new factory comes online from this year. While the GPM is falling slightly as trading is becoming a larger part of the business mix, DHG trades at an undemanding PER of 14.7x FY14F and 12.5x FY15F which is inexpensive compared to the median PER of 17.2x for emerging market peers.