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PLX [MARKET PERFORM -4.5%] - Looking forward to 2018 recovery - Update

We downgrade PLX to a MARKET PERFORM rating with total return of -4.5% as the share price has increased 40.9% since our previous update report. We revise down our NPAT forecast for 2018 by 6.0% but raise our target price by 18.1% mainly due to a lower discount rate given a lower risk-free-rate and roll-over effect. We forecast 2018 EPS to grow 20.0% YoY on a higher margin stemming from higher sales volume growth and rising RON95 and E5 sales volume as they replace RON92.