DPM – Update – 20180510

Company Note 10/05/2018 350

Prospects for 2018 remain unattractive due to the constant increase in input prices and high depreciation burden from the commissioning of the ~VND5,000bn NH3-NPK complex.
1Q2018 net revenue rose 5% YoY to reach VND2,084bn on theback of favorable weather conditions that supported fertilizer demand for the Winter-Spring crop.
The NH3-NPK complex is finally ready for commercial operation.

Market Price	Target Price	Dividend Yield	Rating	Sector
VND18,700	VND15,600	5.3%	REDUCE	BASIC MATERIALS

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