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GTJASVN_BMP_Equity Report_TP101000VND_23JUL2024_EN

23/07/2024

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Binh Minh Plastic Joint Stock Company (HOSE:BMP) is one of the leading enterprises in the construction plastics industry in Vietnam, with the 2nd market share in the country and the top market share in the Southern region. The company has many advantages such as: (1) being a member of SCG Group, one of the largest and oldest construction materials corporations in the world; BMP’s input costs are low thanks to purchasing raw materials from the parent corporation; (2) The company has built its brand, product distribution system, and position in the industry, especially holding the leading position in the Southern region; (3) the Company’s finances are strong. BMP’s business environment is also expected to have many improvements in the coming period: (1) input prices are expected to remain at a competitive level; (2) The recovery of the real estate and construction sectors is expected to boost sales of the Company’s products. We give a 6-18 month target price for BMP stock of VND101,000/share. Based on the closing price on July 22, 2024 of BMP stock of VND96,500/share, we give a NEUTRAL recommendation for BMP stock (expected upside +4.66%). We assess that the current price of the stock has reflect the prospect of the Company.

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