- 2022-10-25T00:00:00
- Company Research
- BMP reported stellar Q3 2022 results with revenue of VND1.5tn (USD61.1mn; -4% QoQ & +183% YoY) and NPAT-MI of VND175bn (USD7.1mn; +21% QoQ) vs a net loss of VND26bn (USD1.1mn) in Q3 2021. We note that Q3 2021 is low base due to the significant negative impact from COVID-19 on BMP’s operation and sales.
- BMP’s strong Q3 2022 results were mostly driven by a better-than-expected gross margin expansion to 28.3% — a quarterly level not seen since 2016 — vs 25.1% in Q2 2022 as input plastic prices trended down for most of 9M 2022. As of now, benchmark PVC resin prices have declined 42% since their YTD high in April.
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