We attended PC1’s AGM on April 24, 2021 at which the Chairman reaffirmed his confidence on the company’s outlook — especially regarding the power generation and power construction segment. Overall, we see upside risk to our 2021F earnings forecast due to higher-than-expected revenue from wind power engineering, procurement and construction (EPC) contracting and a two-month contribution from PC1’s new 144 MW of wind power capacity in 2021G.