We upgrade BSR from UNDERPERFORM to MARKET PERFORM and lift our TP ~32% as we 1) remove our prior 20% ‘oil price volatility’ discount as we believe volatility has normalized from H1 2020’s extreme levels, 2) roll over our TP to end-2021 and 3) lower WACC by one ppt. We switch to use a 100% DCF model vs our previous blended valuation approach (50% DCF, 25% EV/EBITDA and 25% PE multiple) as we believe the EV/EBITDA and PE approaches are no longer suitable to value BSR as highly volatile oil