Binh Minh Plastics (HOSE:BMP) - Share price, News & Analysis

Q: What is the Fair Price of BMP when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

BMP (₫62900) is trading above our estimate of [[fair value]] (₫56387.29)

BMP fundamental analysis
Snowflake Score
Valuation	1/6
Future Growth	2/6
Past Performance	1/6
Financial Health	6/6
Dividends	3/6

BMP Stock Overview

Binh Minh Plastics Joint Stock Company primarily manufactures and trades in plastic pipes and fittings in Vietnam.

Rewards

Earnings are forecast to grow 15.15% per year

Risk Analysis

Dividend of 7.52% is not well covered by earnings

Binh Minh Plastics Competitors

Tien Phong Plastic

HNX:NTP

₫5.3t

Viglacera

HOSE:VGC

₫26.3t

Dong A Plastic Group

HOSE:DAG

₫409.8b

Thanh Thanh

HNX:TTC

₫82.6b

Price History & Performance

Summary of all time highs, changes and price drops for Binh Minh Plastics
Historical stock prices
Current Share Price	₫62,900.00
52 Week High	₫65,700.00
52 Week Low	₫49,200.00
Beta	0.41
1 Month Change	10.55%
3 Month Change	7.52%
1 Year Change	10.74%
3 Year Change	21.20%
5 Year Change	-20.18%
Change since IPO	40.18%

Shareholder Returns

	BMP	VN Building	VN Market
7D	5.0%	-1.9%	3.7%
1Y	10.7%	44.9%	-7.0%

Return vs Industry: BMP underperformed the VN Building industry which returned 44.3% over the past year.

Return vs Market: BMP exceeded the VN Market which returned -7.1% over the past year.

Price Volatility

Is BMP's price volatile compared to industry and market?
BMP volatility
BMP Average Weekly Movement	4.1%
Building Industry Average Movement	4.8%
Market Average Movement	7.4%
10% most volatile stocks in VN Market	10.0%
10% least volatile stocks in VN Market	4.2%

Stable Share Price: BMP is less volatile than 75% of VN stocks over the past 3 months, typically moving +/- 4% a week.

Volatility Over Time: BMP's weekly volatility (4%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
1977	1,382	Chaowalit Treejak	https://www.binhminhplastic.com.vn

Binh Minh Plastics Joint Stock Company primarily manufactures and trades in plastic pipes and fittings in Vietnam. Its products include uPVC pipes and fittings, rubber seals, solvent cements, HDPE corrugated pipes, HDPE corrugated fittings and rubber, PP-R pipes and fittings, sprayers, and protect helmets. The company also designs, manufactures, and trades in molds for the plastic and casting industry; manufactures and trades in machinery and equipment, supplies, and sanitary equipment for the construction and interior decoration industry.

Binh Minh Plastics Fundamentals Summary

How do Binh Minh Plastics's earnings and revenue compare to its market cap?
BMP fundamental statistics
Market Cap	₫5.15t
Earnings (TTM)	₫361.28b
Revenue (TTM)	₫4.85t

14.3x

P/E Ratio

1.1x

P/S Ratio

Is BMP overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
BMP income statement (TTM)
Revenue	₫4.85t
Cost of Revenue	₫3.83t
Gross Profit	₫1.02t
Other Expenses	₫659.44b
Earnings	₫361.28b

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

n/a

Earnings per share (EPS)	4.41k
Gross Margin	21.04%
Net Profit Margin	7.45%
Debt/Equity Ratio	2.2%

How did BMP perform over the long term?

See historical performance and comparison

Dividends

7.5%

Current Dividend Yield

62%

Payout Ratio

We’ve recently updated our valuation analysis.

Valuation

Is BMP undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

1/6

Valuation Score 1/6

Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for BMP?

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for BMP. This is calculated by dividing BMP's market cap by their current preferred multiple.
What is BMP's n/a Ratio?
n/a Ratio	0x
n/a	n/a
Market Cap	₫5.15t

BMP key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	0.9x
Enterprise Value/EBITDA	5.9x
PEG Ratio	0.9x

Price to Earnings Ratio vs Peers

How does BMP's PE Ratio compare to its peers?

BMP PE Ratio vs Peers

The above table shows the PE ratio for BMP vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PE	Estimated Growth	Market Cap
Peer Average	14.9x
NTP Tien Phong Plastic	11x	n/a	₫5.3t
VGC Viglacera	13.5x	n/a	₫26.3t
DAG Dong A Plastic Group	26x	n/a	₫409.8b
TTC Thanh Thanh	9.1x	n/a	₫82.6b
BMP Binh Minh Plastics	14.3x	15.2%	₫5.1t

Price-To-Earnings vs Peers: BMP is good value based on its Price-To-Earnings Ratio (14.3x) compared to the peer average (14.9x).

Price to Earnings Ratio vs Industry

How does BMP's PE Ratio compare vs other companies in the Asian Building Industry?

Price-To-Earnings vs Industry: BMP is expensive based on its Price-To-Earnings Ratio (14.3x) compared to the VN Building industry average (13.5x)

Price to Earnings Ratio vs Fair Ratio

What is BMP's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

BMP PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	14.3x
Fair PE Ratio	14.3x

Price-To-Earnings vs Fair Ratio: BMP is expensive based on its Price-To-Earnings Ratio (14.3x) compared to the estimated Fair Price-To-Earnings Ratio (14.3x).

Share Price vs Fair Value

What is the Fair Price of BMP when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: BMP (₫62900) is trading above our estimate of fair value (₫56387.29)

Significantly Below Fair Value: BMP is trading above our estimate of fair value.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Future Growth

How is Binh Minh Plastics forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?

Future Growth Score

2/6

Future Growth Score 2/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

15.2%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: BMP's forecast earnings growth (15.2% per year) is above the savings rate (3.7%).

Earnings vs Market: BMP's earnings (15.2% per year) are forecast to grow slower than the VN market (19.4% per year).

High Growth Earnings: BMP's earnings are forecast to grow, but not significantly.

Revenue vs Market: BMP's revenue (7.1% per year) is forecast to grow slower than the VN market (17.2% per year).

High Growth Revenue: BMP's revenue (7.1% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: BMP's Return on Equity is forecast to be high in 3 years time (20.3%)

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Past Performance

How has Binh Minh Plastics performed over the past 5 years?

Past Performance Score

1/6

Past Performance Score 1/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

-4.1%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: BMP has high quality earnings.

Growing Profit Margin: BMP's current net profit margins (7.4%) are lower than last year (7.8%).

Past Earnings Growth Analysis

Earnings Trend: BMP's earnings have declined by 4.1% per year over the past 5 years.

Accelerating Growth: BMP's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: BMP had negative earnings growth (-7.3%) over the past year, making it difficult to compare to the Building industry average (11.2%).

Return on Equity

High ROE: BMP's Return on Equity (14.7%) is considered low.

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Financial Health

How is Binh Minh Plastics's financial position?

Financial Health Score

6/6

Financial Health Score 6/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Debt Coverage
Interest Coverage

Financial Position Analysis

Short Term Liabilities: BMP's short term assets (₫2,166.2B) exceed its short term liabilities (₫468.1B).

Long Term Liabilities: BMP's short term assets (₫2,166.2B) exceed its long term liabilities (₫21.6B).

Debt to Equity History and Analysis

Debt Level: BMP has more cash than its total debt.

Reducing Debt: BMP's debt to equity ratio has reduced from 2.6% to 2.2% over the past 5 years.

Debt Coverage: BMP's debt is well covered by operating cash flow (575.8%).

Interest Coverage: BMP earns more interest than it pays, so coverage of interest payments is not a concern.

Balance Sheet

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Dividend

What is Binh Minh Plastics's current dividend yield, its reliability and sustainability?

Dividend Score

3/6

Dividend Score 3/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Cash Flow Coverage

7.52%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: BMP's dividend (7.52%) is higher than the bottom 25% of dividend payers in the VN market (2.8%).

High Dividend: BMP's dividend (7.52%) is in the top 25% of dividend payers in the VN market (7.47%)

Stability and Growth of Payments

Stable Dividend: BMP has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: BMP's dividend payments have increased, but the company has only paid a dividend for 9 years.

Earnings Payout to Shareholders

Earnings Coverage: With its reasonable payout ratio (61.9%), BMP's dividend payments are covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: With its high cash payout ratio (251.7%), BMP's dividend payments are not well covered by cash flows.

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Management

How experienced are the management team and are they aligned to shareholders interests?

5.6yrs

Average management tenure

CEO

Chaowalit Treejak

1.08yrs

Tenure

₫1,072,683,815

Compensation

Mr. Chaowalit Treejak is General Director & Member of Management Board of Binh Minh Plastics Joint Stock Company from August 01, 2022. He was Deputy General Director & Member of Management Board of Binh Mi...

Leadership Team

Experienced Management: BMP's management team is seasoned and experienced (5.6 years average tenure).

Board Members

Experienced Board: BMP's board of directors are considered experienced (4.3 years average tenure).

Ownership

Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Data	Last Updated (UTC time)
Company Analysis	2022/08/06 00:00
End of Day Share Price	2022/08/05 00:00
Earnings	2022/06/30
Annual Earnings	2021/12/31