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DPM - OUTPERFORM - FY15 EPS to rise 16% on low input gas price - Update

Given recent slide in stock price, we upgrade to OP and keep TP unchanged as FY14 results slightly trail our forecast but 4Q14 figures show improving trend in gross margin thanks to low oil. Reported FY14 EPS VND2,888 missed our forecast by 7% due to higher-than-expected losses at PVTex joint venture; sales and gross profit results were slightly above our forecast.