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DPM [BUY +21.9%] - After rain comes sunshine - Update

We lift our TP by 11.0% and upgrade to BUY due to an improving earnings outlook, a cash dividend revision from VND1,000/share (yield 5.3%) to VND1,500/share (yield 8.3%) and removal of 10% discount for an associated company (PVTex) despite a higher discount rate. 2018 EPS is forecast to decline by 7.3% YoY due to margin compression of the urea segment on rising input cost and a slight loss from the NH3-NPK project.