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DQC [M-PF +9.6%] - Export struggles set 2016 as low base for operating profit - Update

We update DQC with a MARKET PERFORM rating, as we believe the 19.7% rally in share price since our initiation has put DQC at its fair value. We lower our FY16 NPAT forecast by 6% mostly because the struggle in exports has appeared more severe than expected.