BMP [OUTPERFORM +12.6%] - Weaker volumes but margins holding up better than expected

- We maintain our OUTPERFORM rating for BMP despite lowering our target price (TP) by 8% to VND109,700/share as BMP’s share price has declined by 5% over the last three months. - Our lower TP is due to (1) our more negative view for 2024F plastic pipe sal