DPM [BUY +21.3%] - Cost-cutting to continue, VAT change a potential upside - Update
  • 28 Oct 2020
  • Company Research
We lift our TP by 22% and upgrade DPM from MARKET PERFORM to BUY due to 1) raising our aggregate 2020-2024F NPAT-MI by 5%, 2) the positive impact of rolling our TP forward to YE2021, 3) a 1-ppt reduction in WACC and 4) higher projected 2020/21F ending cas