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

Company Note 08/05/2019    163

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  • 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.

Market Price

Target Price

Dividend Yield

Rating

Sector

VND18,000

VND20,000

5.6%

ADD

PETROCHEMICAL

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