BMP [MARKET PERFORM +7.9%] - Record 2023F profit priced in; attractive dividend yield

- We maintain our MARKET PERFORM rating for BMP and increase our target price by 11% to VND85,600/share.

- We raise our 2023-2027F aggregate NPAT-MI by 15% due to 1) stronger margin expansion in 2023F resulting from low input plastic prices and 2) higher assumed benefits from production and inventory optimization over the forecast period.

- We expect 2023F NPAT-MI to hit a record high of VND967bn (USD41mn; +39% YoY), which is 36% higher than our previous forecast mainly because we raise our 2023F gross margin assumption while maintaining our revenue forecast.