We raise our target price ~17% as we increase recurring 2020F earnings 7%, roll our target price forward to end-2021 and reduce WACC by 70 bps. However, we downgrade our rating from BUY to OUTPERFORM as PVT’s share price has rallied ~40% in the past three months. We lift 2020F earnings 7% due to a higher-than-expected Q3 ending cash balance and higher net financial income given no investment activities in 9M. Meanwhile, we keep 2021-2024F earnings nearly unchanged