We upgrade our rating from MARKET PERFORM to OUTPERFORM and raise our target price (TP) by 27% to reflect our new assumption that PC1 will be able to secure relatively cheap USD funding for its three upcoming wind power projects. We raise our TP mainly as we (1) increase our cumulative 2021F-2025F NPAT-MI by 16% primarily as we expect PC1 will be able to secure USD-denominated loans to fund 70% of total capex for its wind power projects at ~ 5-6% p.a. vs our previous assumption of ~10% p.a.