We upgrade our rating from OUTPERFORM to BUY while raising our TP by ~8% as we lift 2020F/21F earnings by 26%/7%, roll our TP forward to end 2021F and lower WACC by one ppt. We raise 2020F/21F earnings by 26%/7% as 1) we forecast no loss from the NPK plant in Q4 2020 — assuming the plant operates from 2021 — and 2) for DCM to continue to benefit from strong urea export demand in Q4 2020 and H1 2021. However, we maintain 2022-24F earnings.