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DPM [MARKET PERFORM +6.4%] - Bleak near-term outlook due to rising input gas prices - Update

We maintain our MARKET PERFORM (M-PF) recommendation while lowering our TP by 7.0% due to rising fuel oil price assumptions and lower earnings from the NH3-NPK project. We lower our 2017F earnings to a 36.1% YoY decline from the 29.6% decline we forecast in our previous report due to higher-than-expected fuel oil prices