- BMP reported Q3 2023 results trending down vs last quarter with revenue of VND936bn (USD38.6mn; -31% QoQ & -38% YoY) and NPAT-MI of VND209bn (USD8.7mn; -29% QoQ & +19%YoY), in line with our expectations. 

-  Q3 2023 gross margin performance beat our expectations and continued to expand QoQ to record high of 43.0% from 42.8% in Q2 2023. We mainly attribute the surge in gross margin to favorable input plastic prices and BMP's ongoing efforts in optimizing production.

-  However, the significant drop in Q3 2023 revenue proved stronger than our forecast, which we attribute to weak domestic demand for construction materials in Q3 2023.  

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