We downgrade our rating from BUY to OUTPERFORM and cut our target price by 22% as COVID-19 and its damage to global apparel consumption have been worse than expected. We cut our aggregate 2020F-2022F NPAT-MI forecasts by 36% as we believe a sharp V-shaped recovery of global apparel consumption is unlikely. That said, we still expect an earnings rebound from 2021, which will be primarily driven by the high-margin recycled yarn segment.