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DPM [O-PF +18.9%] - Long-term prospects intact despite current urea price weakness - Update

We revise down our target price for DPM by 17% and lower our recommendation to OUTPERFORM. Falling urea selling prices pushed Q1 NPAT down 14.9% Y-o-Y. However, the share price has declined marginally since our last update and the current valuation is attractive.