We trim our target price by 3.9%, mainly due to a lower P/E multiple-derived target price following higher-than-expected allocation for the bonus & welfare fund per 2018 audited results. We downgrade our rating from OUTPERFORM to MARKET PERFORM as PLX’s share price has risen 13% in the past three months. We increase 2019-2023F earnings by ~2.4% due to better-than-expected profit from the petroleum distribution segment following 2018 audited and Q1 2019 results.