Công ty cổ phần chứng khoán BIDV

Home Page > Analysis Report > Detail
Title X-Stock | BMP 148,600 +11%: The Appeal of Dividends
Report Type Phân tích công ty
Source BSC
Industry Basic Materials
Bussiness BMP
Detail Date : 07/09/2026
Total pages : 0
Language : English
File Type : .PDF
FileSize : 677 Kb
Download: 0
Download
Vote (You must be logged in to vote)
Short Content

Q2 2026 BUSINESS RESULTS UPDATE

At the end of Q2 2026, BMP recorded net revenue of VND 1,320bn (+1% YoY) and NPAT-MI of VND 367bn (+11% YoY). Key highlights were as follows:

  • Estimated sales volume reached 19,500 tonnes (-13% YoY), mainly due to the absence of discount programs. BMP’s sales volume moved against the broader industry trend (Q2 2026: Southern cement +8% YoY; Southern construction steel +5% YoY). This was mainly because BMP launched aggressive discount programs in Q1, which partly reduced distributors’ restocking demand in Q2. As a result, Q2 2026 recorded one of BMP’s lowest quarterly sales volumes over the past two years.

  • Estimated selling prices increased 15% YoY, as the Company raised selling prices in late March amid rising input material costs (PVC +36% YoY).

  • Gross margin reached 46.1% (+0.3 ppts YoY). Despite the strong increase in selling prices, sales volume was affected by the absence of aggressive sales promotion policies, keeping gross margin broadly within the 46.0%–46.5% range in Q2.

  • The discount-to-revenue ratio declined by 3.4 ppts YoY. Historically, BMP has typically refrained from aggressive sales promotion programs during Q2–Q4. This year, discount programs were even more limited. BSC believes this reflects the Company’s profit-focused strategy, together with benefits from low-cost inventories carried over from Q1, reducing the need for aggressive promotional policies. Specifically, total sales deductions, payment discounts and selling expenses accounted for 13% of net revenue, down 3.4 ppts YoY and 9 ppts QoQ.

  • Overall, NPAT-MI reached VND 367bn, up 11% YoY, mainly due to lower discount expenses.

2026 VALUATION UPDATE

BSC maintains a WATCH recommendation on BMP with a 2026 target price of VND 148,600/share, implying 9% upside from the closing price on July 29, 2026. Our target price is based on a target P/E of 10x, benchmarked against BMP’s two-year average P/E of 9.5x.

BSC notes that the expected total return of approximately 11% includes an anticipated cash dividend of VND 15,000/share, which we expect to be maintained over the next 1–2 years.