KWG delivered a strong set of FY21 results with core profit up 93% yoy, on strong topline growth. DPS was up 100% to Rmb0.12 on 36% payout ratio. KWG completed several key MAs in FY21 and will spend more effort on growing its public facilities business ahead. We cut EPS by 11-13% over FY22-23F on less ambitious GFA goal, coupled with lower GPM ahead. It still offers EPS CAGR of 35% over FY21-24F. Our lower PEG-based TP is HK$5.8, suggesting 112% upside. Reiterate Add on our high conviction stock.