DPM’s AGM was held today. Shareholders raised a lot questions about the dismal 2018 guidance, the input VAT amendment and the Government’s divestment progress. Extremely low 2018 guidance, with revenue growth of 7.3% and a NPAT drop of 47.6%, is due to high depreciation expenses from NH3/NPK plants, management said. This guidance is lower than our expectation and management’s explanation did not satisfy shareholders.