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NT2 [BUY +25.7%] - Company outlook unchanged despite the change in CEO - AGM note

We attended NT2’s AGM on April 27. The AGM was not crowded but shareholders raised crucial questions regarding the CEO position and NT3 power plant project. We reiterate our BUY rating despite cutting our target price by 1.4% due to lower volume and a lower CGM price assumption for 2017. Shareholders approved the new BOD for 2017-2022. The change in personnel does not have a material impact on the company’s outlook.