We lift our target price by ~11% as 1) we raise 2021-2030F NPAT-MI by ~6% on average — driven by higher profit from the industrial park segment following a ~3% upward revision in LPG and output gas prices — and 2) increase our target P/E for our multiple valuation (see page 7). We downgrade our rating from BUY to OUTPERFORM as GAS’s share price has increased ~15% over the past three months.