• We raise our TP for PC1 by 14.3% and upgrade from MARKET PERFORM to OUTPERFORM. Our higher TP is due to a 0.6% increase in our aggregate 2024-2028F NPAT-MI forecast (respective changes of -11%/-2%/-3%/+1%/+7%, page 3), lower capex disbursements in 2025/26F for the wind power segment and the positive impact of rolling our TP to mid-2025.
• The higher aggregate earnings forecast is driven by our 23% higher earnings projections for nickel, 20% earnings increase for steel pole production, and 1% earnings nudge for its 30%-stake associate - Western Pacific industrial park - following Q1 results. These outweigh our higher projected 2024 FX loss & lower earnings from power construction and delayed commercial operation of 300MW wind power from 2026/27 to 2027/28.
• We forecast 2024F reported NPAT-MI to nearly quadruple YoY from 2023’s low base. 

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