- BMP reported Q4 2022 revenue of VND1.4tn (USD59.7mn), which was down 6% QoQ and 1% YoY but better than our forecast due to a smaller-than-expected negative impact from the property market slowdown in Q4 2022 on BMP’s sales. We believe this was due to BMP’s plastic pipe products mainly being used in the latter phases of construction, leading to a longer lag time before the slowdown hits BMP’s sales volume — especially in comparison to steel and cement producers.

- BMP’s Q4 2022 NPAT-MI was VND248bn (USD10.5mn), increasing 42% QoQ and 117% YoY. This impressive performance was driven by 1) resilient sales volume and more importantly 2) strong gross margin expansion amid favorable input plastic prices. BMP’s Q4 2022 gross margin was 33.7% — close to the company’s historic high — vs 25.7% in 9M 2022 and 15.3% in full-year 2021. 

- BMP’s full-year 2022 revenue was VND5.8tn (USD246.1mn; +28% YoY) with NPAT-MI of VND696bn (USD29.5mn; +225% YoY from 2021’s low base). As BMP’s 2022 results beat our forecast, we see potential upside risk to our 2023F forecast, pending a fuller review.

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