BMP

Construction

Công ty Cổ phần Nhựa Bình Minh

Xây dựng và Vật liệuCT

128.200

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

140.786

Current

128.200

Gap

+9.8%

ModelEV EBITDA DCF BLEND

Valuation Breakdown

CT→Xây dựng và Vật liệu→Construction

Classified as construction because ICB sector "Xây dựng và Vật liệu" maps to the construction group

ModelEV/EBITDA + DCF Blend

Intrinsic = 50% x EV/EBITDA Value + 50% x DCF Value

Construction and industrial firms have characteristics of both cyclical businesses (lumpy project-based revenue) and growth companies (expanding order books). This model blends two approaches 50/50: EV/EBITDA valuation (captures current earning power relative to peers) and FCF-based DCF (captures future cash generation potential). If EV/EBITDA produces a negative value (debt exceeds enterprise value), only DCF is used.

Weighted Avg Cost of Capital

Risk-Free (Rf)

4.50%

Betasector default

1.100

ERP

4.25%

CRP

2.75%

Cost of Equity (Ke)

12.20%

E/(D+E)

84.42%

Kd(1-t)

6.38%

D/(D+E)

15.58%

WACC

11.29%

Growth Estimate

fundamental firm blend5.21%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

95.603

50%DCF Value

185.969

Blended Intrinsic

140.786

Value Decomposition

40%

60%

Explicit period (40%)Terminal value (60%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — BMP

Earnings Quality

Fiscal year 2025

Good

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

ReceivablesDSO trend vs revenue growth

100

Margin StabilityConsistency of profit margins

100

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

-2.67

Low Risk

DSRI

0.609

GMI

0.935

AQI

0.989

SGI

1.194

DEPI

1.146

SGAI

1.087

TATA

0.004

LVGI

0.952

The Beneish M-Score of -2.6709 indicates a low likelihood of earnings manipulation, well below the threshold of -1.78. Additionally, the earnings quality score of 79.4/100 reflects strong performance in accruals and cash conversion, suggesting a solid financial foundation.

Red Flags

The SGI of 1.1937 indicates a growth rate that exceeds industry norms, which could signal aggressive revenue recognition practices.

Positive Signals

The eq_accrual score of 98.5/100 suggests excellent earnings quality, indicating that reported earnings are likely to be sustainable.

Ownership Risk

The significant ownership by The Nawaplastic Industries Company Limited at 55.0% indicates potential control risks, as decisions may heavily favor this major stakeholder over minority shareholders.

Recommendation

Investors should monitor revenue growth closely due to the elevated SGI, while leveraging the strong earnings quality metrics to build confidence in BMP's financial health.

Generated by AI based on quantitative data. Not financial advice.

Quantitative Scores

F-Score

7/9

Strong

Z-Score

21.44

Safe Zone

Sharpe

1.01

Excellent

Composite

Strong

Price Risk

Momentum

+58.8%

Volatility

40.7%

Max Drawdown

-17.8%

Key Ratios

Fiscal year 2025

8.54P/E

P/B3.65

P/S1.90

ROE44.0%

ROA37.4%

EPS15010.03

BVPS35150.56

Gross Margin46.1%

Net Margin22.3%

D/E0.17

Current Ratio5.70

Rev Growth19.7%

Profit Growth24.0%

EV/EBITDA5.84

Div Yield5.1%

Company Overview

Issued Shares

81.9M

Charter Capital

818.6B VND

Sector (ICB L2)

Xây dựng và Vật liệu

Industry (ICB L3)

Xây dựng và Vật liệu

Sub-industry

Vật liệu xây dựng & Nội thất

Company Type

// OWNERSHIP_NETWORK

> mapping common ownership for BMP — hover nodes for intel, click to navigate

Shareholders

The Nawaplastic Industries Company Limited

Inst

55.0%

45.0 trieu

KWE Beteiligungen AG

Inst

11.4%

9.3 trieu

Ftif - Templeton Frontier Markets Fund

Inst

5.0%

4.1 trieu

Vietnam Holding Ltd

Inst

4.9%

2.2 trieu

Citigroup Global Market Ltd

Inst

3.6%

1.6 trieu

Lê Quang Doanh

Indiv

1.3%

1.1 trieu

nguyen-hoang-ngan

Indiv

0.8%

618.550

Trang Thị Kiều Hậu

Indiv

0.7%

302.210

Văn Thị Ngọc Nhan

Indiv

0.6%

477.500

Nguyễn Thị Kim Yến

Indiv

0.6%

457.034

Nguyễn Thị Bích

Indiv

0.3%

262.080

Nguyễn Thị Phương Nga

Indiv

0.3%

228.051

Nguyễn Kim Thượng

Indiv

0.3%

117.422

Bùi Quang Khôi

Indiv

0.2%

71.776

tgit-templeton frontier markets fund

Inst

0.1%

107.157

Board & Management

Nguyễn Hoàng Ngân0.8%

Tổng Giám đốc/Phó Chủ tịch Hội đồng Quản trị

Bông Hoa Việt

Người phụ trách quản trị công ty

Nguyễn Thanh Quan

Phó Tổng Giám đốc

Hồng Lê Việt

Kế toán trưởng/Trưởng phòng Tài chính

Poramate Larnroongroj

Thành viên Hội đồng Quản trị

Sakchai Patiparnpreechavud

Chủ tịch Hội đồng Quản trị

Phan Khắc Long

Thành viên Hội đồng Quản trị độc lập

Praween Wirotpan

Thành viên Ban kiểm soát

Nguyễn Thanh Thuận

Trưởng Ban kiểm soát

Nguyễn Lưu Thuỳ Minh

Thành viên Ban kiểm soát

Chaowalit Treejak

Thành viên Hội đồng Quản trị/Phó Tổng Giám đốc

Nguyễn Thanh Hải

Phó Tổng Giám đốc Kinh doanh

Top connections

SJG99.8%MIE99.6%TVN93.9%VGV87.3%VNP65.8%DVN2 links SEA63.4%QTC53.8%VGT53.5%CAG53.0%BMI50.7%VXB49.8%

Computed 12/04/2026