Company Insight

Binh Minh Plastics Joint Stock Company (HSX: BMP) is a manufacturer of construction plastics, holding the second-largest market share nationwide and leading in the Southern region. In 2025, BMP achieved 104% and 116% of its full-year revenue and net profit targets, respectively. In 2026, BMP’s profit margins are expected to narrow toward historical averages due to a recovery in PVC resin prices. Nevertheless, BMP remains an attractive defensive stock, supported by reasonable valuation and a compelling dividend yield. Using a blended valuation approach of P/E and DCF with equal weightings of 50% each, we derive an updated target price of VND 161,600 for BMP shares.