We cut our target price by 5% and downgrade our rating from BUY to OUTPERFORM. While we still find value in POW’s 4,200 MW power generation portfolio (details on page 17), we believe the prolonged pending PPA review at the Ca Mau power plants (which were POW’s main income driver prior to 2020) creates many uncertainties for the company’s earnings outlook. We cut our TP by 5% mainly as we revise down our culmulative recurring 2020F-2030F NPAT-MI by 6%, which is party offset by of rolling over