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Equity Bottom-Up

Binh Minh Plastics Jsc / Equity Bottom-Up

<ul><li>Using the comparable valuation method, we determine a fair 12-month target price for BMP stock of VND 168,100 per share, implying forward 2026 EV/EBITDA and P/E multiples of 6x and 10x, respectively.</li><li>With projected cash dividends of VND 12,700 and VND 16,500 per share for 2025 and 2026, respectively, investors should consider BMP for a dividend-focused strategy delivering a total expected return of 11%.</li><li>The Vietnamese plastic pipe market is expected to rebound, driven by rising demand from civil construction and public infrastructure investment, with industry-wide volume growth estimated at 8.5% CAGR over 2025–2026. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Using the comparable valuation method, we determine a fair 12-month target price for BMP stock of VND 168,100 per share, implying forward 2026 EV/EBITDA and P/E multiples of 6x and 10x, respectively.With projected cash dividends of VND 12,700 and VND 16,500 per share for 2025 and 2026, respectively, investors should consider BMP for a dividend-focused strategy delivering a total expected return of 11%.The Vietnamese plastic pipe market is expected to rebound, driven by rising demand from civil construction and public infrastructure investment, with industry-wide volume growth estimated at 8.5% CAGR over 2025–2026. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BMP - Contribution of New Vessels as Growth Driver in 2025