Company Insight

Binh Minh Plastics Joint Stock Company (HSX: BMP) is the second-largest construction plastics manufacturer in Vietnam by market share and the market leader in the Southern region. BMP delivered record-high earnings in 1H2026. Looking ahead, we expect its GPM to remain resilient in 2H2026 despite potential PVC price volatility, supported by low-cost inventory accumulated in 2Q2026. Using an equal-weighted P/E and DCF valuation approach, we derive an updated target price of VND177,200 per share, implying 21% upside. We maintain our BUY recommendation.