DC Holdings released its 2021 results, which beat our expectations despite slower-than-expected revenue growth. This is in line with our view that the Company’s business transformation is bearing fruit. The Company reclassified its business segments in terms of presentation, which in our view, should drive a rerating. We expect DC Holdings to deliver consistent growth (both revenue and net profit) in the coming years compared to its volatile record before 2021. We raised our net profit for 22F and 23F. We maintain our ADD rating with a higher target price of HK$8.00, based on 20x 2021F P/E (down from 30x 2020). The new target P/E multiple is in line with its five-year historical average.