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NT2 [BUY +37.4%] – Benefiting from widening price-to-input cost spread – Update

We revise down our target price for NT2 nominally by 2% to VND34,000 due to a higher risk premium despite 3.8% earnings raise for 2016 and reiterate our BUY rating. Low gas prices will drive NPAT growth for 2016 in spite of floor in input gas price.