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DPM [Reiterate BUY +20%] – Benefit from low oil price – Update

Reiterate BUY with TP of VND 34,200 and dividend yield of 8% for 20% total shareholder return. 1Q15 NPAT jump 25% vs. 1Q14 as input gas cost fell 33% with Brent oil averaging USD 55 in the period. EPC signed for NH3-NPK project a positive signal after 6-month delay.