We maintain BUY as PTB’s earnings outlook remains bright, which is underpinned by its extensive stone mine portfolio and recent foray into the quartz business as well as Vietnam’s rising wood export industry and growing domestic car consumption. We trim our target price by 4% as we cut our 2020F/2021F/2022F NPAT-MI by 8%/3%/1%, mainly due to higher interest 0expenses and lower auto gross profit than we expected, despite our upward revisions to stone and wood gross profits.