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PLX [MARKET PERFORM +1.1%] - Awaiting structural change to industry in 2019 - Update

We maintain a MARKET PERFORM rating but lower our target price by 9.1% due to a lower terminal growth rate and a higher discount rate. We forecast 2018 EPS to grow 13.6% thanks to 7.2% domestic sales volume growth and margin expansion from higher sales volume of E5 and RON95. We revise 2018 EPS upward slightly mainly due to strong domestic sales volume and favorable price movement in Q2.