We reiterate our BUY rating for PPC thanks to its sustainable 7%-9% dividend yield and our view that its share price does not fully reflect the value of PPC’s investments in HND and QTP. We cut our target price by 1% mainly due to a 9% cut to our valuation for HND (see our HND Update Report, dated May 5, 2021), while our valuation for PPC’s standalone power generation business and QTP increased by 2% mainly thanks to a 0.5-ppt reduction of our WACC