DCM – Not as bad as initially feared – Update

• DCM’s 1H19 net profit was above at 137.4% of our FY19F forecast despite falling 27.7% yoy.
• This was due to higher-than-expected urea ASP, lower interest expense and better SG&A control. So, we raise our FY19-21F EPS forecasts by 43-84%.
• We upgrade DCM from Hold to Add with an unchanged TP of VND9,900.

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