GDT [MARKET PERFORM +4.0%] - Strong recovery outlook post-2021 already priced in - Update

We downgrade our rating from BUY to MARKET PERFORM as GDT’s share price has surged 17% in the last three months. Meanwhile, our DDM-based target price (TP) is almost unchanged as our higher projected dividends/share and a rollover of our TP to YE2022 offset a 90-bp increase in our cost of equity to 10.4% following changes to our house cost of equity estimate.