BMP - Benefit from low input plastic prices fades in Q4 - Earnings Flash
  • 2021-01-28T21:20:05
  • Company Research
BMP released Q4 2020 results with revenue of VND1.3tn (USD56.5mn; +12% YoY) and NPAT-MI of VND111bn (USD4.8m; +17% YoY). We attribute the strong earnings result to 1) healthy sales volume growth of 5% in Q4 2020 and 2) BMP’s increasing automation as well as its ongoing effort in optimizing production efficiency since 2019. In Q4 2020, we believe the benefit from low input plastic prices that BMP accumulated during H1 2020 faded as the company’s gross margin was 22.4% for the quarter