Dongfang is trading at 27.5x/29.4x 2026e PE for its H/A shares currently. While investors are arguing for a clear premium in valuing its gas turbine business for overseas markets, we note average of 50x. In this case, we assign a 40x PE for our base case target valuation for its gas turbine export business, at a discount to global leaders given its limited track record. Our base case arrives at a valuation of RMB32bn for Dongfang's gas turbine export opportunity in 2028e. Base case: 40x of 2028e base case gas turbine export net profit - RMB32.0bn Bull case: 50x of 2028e bull case gas turbine export net profit - RMB62.5bn Bear case: 30x of 2028e bear case gas turbine export net profit - RMB6.0bn