We maintain a MARKET PERFORM rating and cut our target price by 23.8%, following a 42% downward revision in our 2019F EPS and 17%-20% lower 2020-2023F EPS vs previously due to an 80-day maintenance period and higher gas transportation tariff. We forecast 2019 EPS to drop 33.5% YoY, mainly due to 16.3% YoY lower urea sales volume, a 2.5% YoY decline in average urea price and 1.6% YoY increase in gas input price due to a higher gas transportation tariff.