We maintain a BUY rating due to PPC’s attractive ~10% dividend yield and our view that the share price does not fully reflect the value of PPC’s investments in HND and QTP. We raise our target price (TP) by 12% as we switch to a sum-of-the-parts approach vs a combination of DCF, P/E and EV/EBITDA methods previously (details on page 5). Our change in valuation approach outweighs a ~10% cut in our cumulative 2021F-2022F NPAT forecast, which is mainly due to a lower sales volume forecast.