We had assumed a stimulus-induced much improved 1H21 but were cautious thereafter as economic reality took hold. However, mining-led WA State performance is trending positively, and the latest data shows this reflected in a very strongly recovering property market. We upgrade our valuation to $1.30 (prior $1.10) and our recommendation to BUY (prior HOLD), believing we are seeing a shift in momentum in WA to PPC’s benefit.
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