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PLX [MARKET PERFORM -6.3%] - Profit to decline further before benefits from policy changes arrive - Update

We maintain a MARKET PERFORM rating and cut our target price 8.1% as we lower our target P/E to 16x from 17.5x previously in line with the drop of the regional peer P/E median. We lower our 2017 EPS growth forecast to -22.6% YoY from previous -14.9% YoY given lower sales volume growth than expected and the negative impact from the lagged effect between 30-day inventory regulation and 15-day base price calculation.