DPM [BUY +29%] – Low Oil Equal High Profits; Great Dividend – Update
Thanks to input gas cost (linked to fuel oil) falling 32% yoy, 1H15 NPAT-MI rose 18% vs. 1H14, beating our projections by a long shot (60% of forecast). Cheaper oil and higher ASP due to local supply disruption prompt a 12% upward revision to our FY15 NPAT-MI to VND 1,428b. Reiterate BUY. Target price revised up 9.7% to VND 37,500 (TSR +29% inclusive of a very attractive 8.1% dividend yield).