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DPM - MARKET PERFORM - New VAT law cuts FY15 NPAT forecast by 15% - Update

Target price and rating lowered on negative impact of new VAT law. Value-added-tax (VAT) on inputs no longer netted-off with output VAT resulting in 10% increase to COGS and 15% drop in our NPAT forecast. DPM is trading at PER of 9.8x FY15 EPS (8.9% vs. FY14E, revised); 8% dividend yield still intact, provides some support for price.