We upgrade DRC to MARKET PERFORM with a projected TSR of 5.0%, despite raising our target price only 4.8%, as DRC’s stock price has fallen 23% in the last three months. Our revised TP mainly reflects our DCF roll-over, amplified by the end of DRC’s major capex cycle in 2018, and increasing our DCF valuation weighting to 100% from 90%. On the other hand, we increase our G&A/revenue assumption from 2020 onward as we believe DRC will lift wages when NPAT starts to increase in 2020.