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.
|
Market Price
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Target Price
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Dividend Yield
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Rating
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Sector
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VND18,000
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VND20,000
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5.6%
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ADD
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PETROCHEMICAL
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