DPM - HOLD - DPM is dividend play - Update
Accumulatively for 9MFY13, DPM sales contracted by 24% to VND8,002bn and net profit decreased by 19% to VND2,012bn. Operating margin, however, was stable at 24.4%. DPM has met 77% and 76% of our sales and profit forecast respectively. We expect earnings in 4Q will be better qoq thanks to the seasonality effect as 4Q is the peak season for the winter-spring crop. Currently, DPM is trading at PER of 5.9x 2013 and 6.3x 2014 EPS.