We initiate coverage of BMP with a BUY rating and a target price of VND59,200 per share, implying a 47.5% projected total stock return, including a 4.8% dividend yield. We expect 2019 to be a turnaround year for BMP after two years of declining profits mainly due to aggressive competition from new entrants to the industry and unfavorable input costs. We forecast 2019F NPAT-MI growth of 5% YoY to reach VND451bn (USD19.6mn), vs a 42% YoY fall and 8% fall in 2017 and 2018, respectively.