We maintain our OUTPERFORM rating — despite a 34% share price rally over the last three months — as a recovery in yarn demand has beat our expectation. We raise our target price (TP) by 35% primarily thanks to (1) an upward revision of 7% to our aggregate 2021F-2023F NPAT-MI, (2) a rollover of our TP to YE2021 and (3) a 1.2-ppt reduction in our house cost of equity to 13.0%.