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DPM - BUY - Management raises earnings guidance by 37% as 1Q15 earnings soar on low oil prices - Update

Strong 1Q15 results confirms overly conservative guidance prompting management to revise earnings target up 37% to VND2,755 per share. However, it’s still 18% below our own forecast. 1Q15 earnings rose 21% YoY: Thanks to low oil prices, input costs are 33% lower in 1Q15 vs. 1Q14, offsetting slight declines in ASP and volume. AGM approved to increase FY14 cash dividend to VND3,000 (yield 9%) and set FY15 cash dividend of VND2,500 (yield 8%).