BMP – Positive outlook expectations
• With Q3/2024 business results, BMP recorded revenue of VND 1,423 billion, completing 98% of the plan and growing by 52% YoY. With the advantage of low-cost raw materials (PVC resin), the gross profit margin remained at a high level and reached 53%, thereby achieving VND 362 bn (+34.7%YoY) and VND 290 billion (+38.7%YoY), respectively, completing 104% of the business plan.. The company’s net profit margin remained high and reached 20.4% in Q3. The company shared that its market share has improved in Q3, and expects to continue to maintain its share in Q4.• The company is preparing for its 2025 business plan, and some positive prospects may come from the expectation that the real estate market and public investment disbursement in the southern market will continue to recover in 2025. It also assumes that PVC resin prices will remain the same as in 2024, however, there are a number of factors that can affect raw material prices from: 1/ Demand from the Chinese market and 2/ Factors related to geopolitical tensions and trade wars.
• For 2025, we estimate that sales volume will improve compared to 2024 and reach 90 thousand tons (up 5.3% YoY), BMP's profit after tax in 2025 can reach VND 1,082 billion (a slight increase of 4% YoY), 2025 EPS is VND 12,000 and we expect the dividend for 2025 to continue to be VND 11,500/share (equivalent to the dividend yield of 9%).
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