DPM [MARKET PERFORM +3.3%] - Cost-cutting efforts to cope with higher future gas costs - Update
  • 2020-08-21T19:29:56
  • Company Research
We trim our target price by ~3% as we cut 2021-2024F earnings by ~5.5% on average, which is mainly due to higher gas costs following the increase in our projected gas transportation tariff while maintaining 2020F earnings. Meanwhile, we downgrade DPM from OUTPERFORM to MARKET PERFORM as its share price has increased ~13% over the past three months.