We reiterate BUY and raise our target price (TP) by 14% thanks to (1) DGC’s higher net cash balance as of Q1 2022 and (2) our 20%/12% upward revisions to 2022F/2023F core EBITDA as DGC’s selling prices are tracking ahead of our expectations, which are partly offset by a 5% cut in our 2024F core EBITDA as we expect lower utilization of DGC’s chlor-alkali-vinyl (CAV) project.

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