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DPM - MARKET PERFORM - 1Q no surprise, urea prices remain weak, input costs set to rise - Update

DPM’s 46% decline in net profit affirm our negative outlook for FY14. DPM faced a 15% yoy decline in urea price in 1QFY14 and is bracing for a hike to input gas price starting in 2QFY14. We see no material changes to our underlying view for FY14 but change our rating to Market Perform given a 30% pullback in the stock’s price since our last Underperform recommendation on 3 April 2014.