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DPM [BUY +30%] - Input gas cost keeps heading lower - Update

YTD9M15 NPAT came in slightly ahead of our projection (82% of FY2015 forecast) thanks to lower-than-expected input gas cost as benchmark oil prices fell under the USD 50 per barrel mark. We lift NPAT-MI forecast for FY15 by 8.6% and FY16 by 13.4%, corresponding to EPS growth of 37.9% and 10.5% respectively, on the expectation of further weakening of input gas cost coupled with peak winter-spring season demand that will keep urea selling price buoyant despite capacity from other urea producers