GTJASVN_BMP_Equity Report_Valuation Update_16 DEC 2024 (Target price: VND 109,000)

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GTJASVN_BMP_Equity Report_Valuation Update_16 DEC 2024 (Target price: VND 109,000)

16/12/2024

REPORT SUMMARY

In Q3/2024, BMP recorded a net revenue of VND 1,407 billion, up 52% compared to the same period last year and 22% compared to the previous quarter. Revenue in the first 9 months of the year reached VND 3,563 billion, a 4% decrease from the previous year. The revenue is forecasted to reach VND 5,340 billion in 2025, representing a 9% increase from 2024, driven by the recovery in demand from the construction and real estate sectors. PVC resin prices are expected to remain low, which will help BMP reduce production costs and maintain high profit margins in 2025. However, there are risks related to the slow recovery of the real estate and construction industries, as well as oil price fluctuations that could affect production costs.

We value BMP’s stock at VND 109,000 per share on 16 Dec 2024. We recommend reducing the stock’s weight based on the current price of VND 125,600 per share, with a forecasted downside of -13.2%.

Report link: GTJASVN_BMP_Equity-Report_Valuation-Update_16-DEC-2024

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