We maintain a M-PF rating with the TP increased by 3.5% vs previous report mostly thanks to a roll-over in valuation period and partly offset by slight downward revisions to NPAT forecasts. We trim 2018F/2019F NPAT by 2.0%/0.3% due to lower GPM forecasts, partly offset by the new PIC/S line (more info on page 4), which we assume will start production from mid-2019. Valuation looks full with a TTM PER of 20.2x against our 2018-2021F NPAT CAGR of 5% and a peer median TTM PER of 18.6x.