BMP [BUY +46.7%] - Stable growth outlook remains - Update Report
  • 2020-02-24T20:17:39
  • Company Research
We reiterate our BUY rating on BMP despite trimming our target price by 4% to VND59,600/share, which is due to the negative impact of coronavirus outbreak on our 2020F NPAT-MI forecast and ongoing competition in the plastic pipe industry. Although BMP’s 2019 sales volume came broadly in line with our forecast, our expectation of slow-moving domestic construction activities in Q1 2020 due to the coronavirus outbreak along with lower-than-expected trading revenue lead us to cut our 2020F