We maintain an O-PF rating but trim our target price by 6.4% as we lower our 2020-2025F earnings forecasts by 16% on average. This outweighs the positive impact of rolling out our target price to the end of 2020 and extending our forecast horizon from 2019-2025F to 2020-2030F to better capture the expected earnings and cashflow after GAS’s heavy capex period. We trim our 2019F EPS by 1.5%, mainly due to lowering our 2019 LPG price forecast by 3.2%. We forecast 2019 EPS growth of 17.5% YoY