Diesel/kerosene spread recovery could be the next catalyst given passenger and industrial demand; Sing GRM of US$3.7/bbl/US$4.5/bbl in 2021/22F. 2022F recovery expectations post Covid-19 could boost its share price in 2H21F. We are conservative on the refining business, but the worst is over. Upgrade to Add from Hold with a higher TP of W110k. Current valuation is undemanding at FY22F 1.4x P/BV vs. FY21-22F 16% ROE.
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