DPM – High input prices cast shadow on 2019F outlook – Update

• 1Q19 net profit plunged 71% yoy to make up just 7% of our FY19F forecast.
• Subdued urea and NPK sales volume and a possible gas transportation tariff hike could act as possible headwinds for DPM in 2019F, in our view.
• We maintain our Add rating with a lower TP of VND20,000.

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