The company signed a power purchase agreement for two Myanmar power generation projects on June 24. Following the first Myanmar joint venture natural gas power generation project where the company and China Technology Import and Export Group Co., Ltd. (“China Technology Company”) each hold half of the shares in Thaketa, and was put into phased operation on June 14, VPower Group's remaining two natural gas power generation projects in Myanmar's Thanlyin and Kyauk Phyu and China Technology Corporation, a joint venture between China Technology Corporation and Electric Power Generation, a subsidiary of Myanmar's Ministry of Electricity and Energy, on June 26 Enterprise signs electricity subscription agreements, and the initial contract period is 60 months. The total installed capacity of 582.4 MW has been put into operation in stages since June 30, 2020. The company's operating risk is lower than we originally anticipated when we first covered the company on May 22 this year, so we established a higher risk premium assumption in the valuation model. The signing of the electricity purchase agreement by the company reflects that the company's operating risk is lower than our initial expectations. The target price was raised to HK$5.70, and after reaffirming the risk premium assumption that the “buy” rating reduces the risk premium, we accordingly raised the target price estimated by discounted cash flow analysis by 7.5% from HK$5.30 to HK$5.70, corresponding to 13.5 times the 2021 price-earnings ratio and 28.7% increase. Reiterate the “buy” rating. Risk warning: (1) delays in project development; (2) tight gas supply; (3) policy risks; (4) slowdown in electricity demand.