We raise our target price by 5.3% due to a rollover EPS from Dec. 2018 to Dec. 2019 and a slightly higher target P/E, despite trimming 2019F earnings by 6.2% following a higher-than-expected input gas price (46% fuel oil price) in Q4 2018. However, we downgrade the stock from O-PF to M-PF as an 8.4% rise in share price since our last report leaves little upside. We forecast 2019 EPS to grow 15.4% YoY thanks to the utilization rate of NPK plant rising from 23% to 80% and a 7.4% YoY decrease