We downgrade our rating from BUY to OUTPERFORM and cut our target price by 15%, which is mainly due to 1) lowering 2020F/2021F earnings by 51%/25% owing to the impact of COVID-19 and plunge of oil prices in Q1 2020; and 2) trimming 2022-2024F earnings by ~10% as we forecast the Decree 83 amendment could lower the profitability for petrol retailers and as we foresee heightened competition over the long term (see more on page 6)