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External broker reports(aggregated public sources)

Equity Bottom-Up

Binh Minh Plastics Jsc / Equity Bottom-Up

<ul><li>We maintain our OUTPERFORM rating for BMP and raise our target price (TP) by 4% to VND155,400/share.</li><li>Our higher TP is due to raising our 2025/26/27/28/29F NPAT-MI forecasts by 6%/8%/6%/4%/4%, respectively. This is mainly driven by our higher GPM forecasts of 1.1/1.1/0.8/0.3/0.2 percentage points during this period, respectively.</li><li>The higher GPM forecasts reflect (1) a sharper-than-expected PVC price decline due to the US-China trade war, (2) India’s recent announcement to impose high AD tariffs on Chinese PVC imports on August 14, 2025 – which will divert supply to markets outside of India, and (3) currently high PVC inventory levels in China, all of which will ultimately translate into weaker PVC input prices for BMP and therefore positively impact its margin.</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>

We maintain our OUTPERFORM rating for BMP and raise our target price (TP) by 4% to VND155,400/share.Our higher TP is due to raising our 2025/26/27/28/29F NPAT-MI forecasts by 6%/8%/6%/4%/4%, respectively. This is mainly driven by our higher GPM forecasts of 1.1/1.1/0.8/0.3/0.2 percentage points during this period, respectively.The higher GPM forecasts reflect (1) a sharper-than-expected PVC price decline due to the US-China trade war, (2) India’s recent announcement to impose high AD tariffs on Chinese PVC imports on August 14, 2025 – which will divert supply to markets outside of India, and (3) currently high PVC inventory levels in China, all of which will ultimately translate into weaker PVC input prices for BMP and therefore positively impact its margin.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 [OUTPERFORM +11.8%] - Margins to Stay Strong on Low Input Cost; High Cash Dividend - Update