We cut our target price by 1% for PPC while maintaining our BUY recommendation on the back of its ideal location for power generation and extensive operational experience against the backdrop of Vietnam’s forecast electricity shortage in coming years. The reduction in our target price is mainly due to PPC’s lower net cash balance in Q2 2020 vs Q1 2020, which slightly impacts our discounted cash flow (DCF) valuation while our long-term earnings and free cash flow forecasts remain largely uncha