We raise our target price (TP) by 74% but downgrade our rating from MARKET PERFORM to UNDERPERFORM as BSR’s share price has doubled over the past three months.Our higher TP is driven by 1) increasing our 2021F NPAT-MI by 2.3x and aggregate 2022-2030F NPAT-MI by 44% and 2) a higher-than-expected cash balance as of Q4 2020.