We maintain our UNDERPERFORM rating although we raise our target price by 10% thanks to a roll-over of our TP to YE2021 that more than offsets a downward revision to our earnings forecasts. We lower our aggregate 2021F-2023F NPAT-MI by 9% primarily because Long Chau (LC) — FRT’s pharmacy chain — is trailing our expectations in terms of profit margins and revenue of new stores. We estimate LC’s net loss contribution will escalate in 2021F due to up-front costs to facilitate rapid store