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DPM [MARKET PERFORM +1.8%] - Waiting for a turnaround in 2019 - Update

We maintain a MARKET PERFORM (M-PF) recommendation while revising up our target price by 8.3% due to a lower risk-free rate and a higher average P/E of peers. We forecast 2018 earnings will drop 10.3% vs 2017 as a loss from the NPK plant owning to a fast depreciation policy is more than offset by a mild recovery of the urea segment. The NPK plant is expected to commercially operate in April 2018 and should incur losses in the initial years due to low utilization, before contributing ~10%-15%