We change our rating from BUY to O-PF after a 28% share price rally over the last three months. We raise our TP by 18% as we roll over our PER-based valuation to 2019 while revising up 2018F/2019F/2020F EPS by 5%/6%/6%. We lift our EPS forecasts as Honda profit margins are tracking ahead of our previous projections.