- We attended BMP’s annual general meeting (AGM) in HCMC on April 28.
- Shareholders approved management’s 2023 guidance for revenue of VND6.4tn (USD269.4mn; +9% YoY) and NPAT-MI of VND651bn (USD27.6mn; -7% YoY). BMP’s 2023 guidance is more optimistic compared to our expectations as its revenue and NPAT-MI guidance are equivalent to 114% and 113% of our current forecasts, respectively.
- Shareholders approved an FY2022 dividend of VND8,400/share (equivalent to a 100% dividend payout for FY2022), of which VND3,100/share was already paid. The timeline for the remaining VND5,300/share (equivalent to a 6.7% dividend yield) is not yet available. Shareholders also approved an FY2023 dividend at a minimum 50% of 2023 profit after tax — either in cash or shares. We currently assume BMP to deliver a next-12M cash dividend yield of 10.7%