DCM [OUTPERFORM +14.4%] - Strong financial capacity, good dividend outlook - Update
  • 2021-05-14T19:33:34
  • Company Research
We maintain our TP and OUTPERFORM rating as a 50-bp reduction of our house cost of equity offsets a ~5% cut in 2021F earnings due to lower utilization forecast for the NPK plant. We reiterate our optimistic view on DCM as a robust dividend play with strong financial capacity and long-term potential from rising export demand (from Cambodia) as well as its NPK segment.