We upgrade our rating from OUTPERFORM to BUY mainly because POW’s share price has declined ~17% in the last three months; we also raise our target price by 5%. We continue to see POW as a good play on Vietnam’s transition to LNG-fired power. There are notable investment risks from the pending PPA negotiation result, which is in its final stages, per management.We raise our target price by 5% as we lower our WACC assumption and roll over our target price to mid-2022 while our aggregate 2021F