We cut our target price by 5% for PPC but reiterate our BUY rating on the back of PPC’s robust dividend yield and a potential re-rating of its investments in HND and QTP. We cut our target price as we lower our 2020F NPAT by 10% and lower cumulative 2021F-2030F NPAT by 9%, which are partly offset by the effect of rolling over our TP from mid-2021 to YE2021. Our downward revision to our 2020F earnings forecast mainly stems from lower sales volume, a significantly lower competitive