We downgrade our rating from BUY to MARKET PERFORM following a 30% surge in PTB’s share price over the past three months. Meanwhile, we keep our target price (TP) and our aggregate 2021F-2023F NPAT-MI forecasts almost unchanged. Our downward forecast revisions to the stone segment due to severe COVID-19 disruptions in Vietnam are offset by a better-than-expected performance in the wood segment.