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PLX [OUTPERFORM +14.0%] - Waiting for policy changes in 2018 - Update

We maintain our target price for PLX, but upgrade to OUTPERFORM recommendation as the share price has slid 17.8% since our last update report. We forecast 2017F EPS to drop 25% vs 2016 due to import tax effect reversal hurting the petroleum segment and the lacklustre performance of petrochemicals and transportation. We forecast 2018 EPS to grow 20.7% YoY on a higher margin stemming from rising RON 95 and E5 sales volume when the policy to replace RON 92 takes effect.