Analyst Pin-board BMP – Still improving, even though marginally
What surprised us the most was probably that BMP's sales volume in 9M2020 was still growing year-on-year (+ 5% YoY), despite the impact of COVID-19 on the entire real estate-related sectors. In addition, the 25% growth in NPAT was mainly due to the drop in PVC resin prices. As a result, the highest performing 9M since 2017 is the driving force behind the stock price. However, we believe now that PVC prices have completely recovered and now exceeded the pre-2020 level, BMP’s gross margin will gradually return to normal levels from 22- 24%. It might even reduce more if PVC prices remain at this level throughout the quarter.
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