We raise our target price (TP) for PC1 by 27% but downgrade our rating from BUY to MARKET PERFORM. While we still view PC1 as a play on Vietnam’s move into renewable energy due to the company’s three major wind power projects that are poised to come online in late 2021F, the share price has risen ~40% in the last three months to within 10% of our increased TP. Despite a cut to our earnings forecasts, we increase our TP as (1) we switch to use a 100% DCF model vs the previous 70%:30% DCF