Binh Minh Plastics set to scale 47-year profit peak: broker
Binh Minh Plastics JSC could earn the highest profit in its 47-year history at VND1 trillion ($41 million) last year, according to leading Vietnamese broker Saigon Securities (SSI).
The profit estimate marks a year-on-year increase of 48%, thanks to a sharp decrease in input material prices, a recent SSI report says.
The report also predicts that Binh Minh Plastics, a subsidiary of Nawaplastic Industries, which is a member of Thailand’s Siam Cement Group (SCG), will see its 2023 revenues drop 19% from the previous year to VND4.7 trillion ($192.8 million).

Products manufactured by Binh Minh Plastics. Photo courtesy of the company.
In Q3/2023, the firm’s revenue fell 38% year-on-year to VND926 billion ($37.98 million), but after-tax profit after tax increased 19% to nearly VND209 billion ($8.57 million). This happened because of a sharp decrease in regular costs, with the cost of raw materials falling by more than half.
In the first nine months of 2023, Binh Minh Plastics earned profits that exceeded the annual target by 20% at VND784 billion ($32.16 million), despite revenues of just VND3.7 trillion ($151.76 million), or 58% of the year's plan. Compared to the same period in 2022, revenue decreased 16% but profit soared 75%.
According to SSI, the main raw materials for this company are virgin plastic beads, including PVC (Polyvinylchloride), which accounts for 70%; PP (Polypropylene); and HDPE (High Density Polyethylene).
In Q3, the average PVC price in Asia was about $860 per ton, up 8% compared to the previous quarter but down 17% over the same period the previous year. In December, it continued to decrease to $800 per ton. This gives Binh Minh Plastics a lot of room to expand its profit margin further, the report notes.
Another big advantage that the firm can enjoy in the coming period has to do with the supply of raw materials at preferential prices from the Long Son Petrochemicals Complex, with SCG as the largest shareholder.
The $5.4 billion complex, located in the southern province of Ba Ria-Vung Tau, started a full trial run on December 25.
According to a plan approved at its annual general shareholder meeting in April 2023, the company will set aside at least 50% of after-tax profit to pay 2023 dividends.
With nearly 82 million floating shares, the firm will spend about VND532 billion ($21.82 million) to pay shareholders, with the parent company SCG receiving more than VND290 billion.
In September 2023, Binh Minh Plastics had to pay VND1.3 billion ($53,300) in fines for incorrect declarations in the 2020-2022 period and VND7.3 billion ($299,500) in tax arrears.
Binh Minh Plastics was established in 1977 as a state-owned company under the Ministry of Light Industry. It was equitized in 2004 and was officially listed on the Ho Chi Minh City Stock Exchange (HoSE) as BMP two years later.
In April 2018, SCG of Thailand announced that its subsidiary Nawaplastic Industries had increased its stake in the company to 50.9%. After the acquisition, Binh Minh Plastics has continuously reported huge profits.
Currently, SCG is involved in about 20 businesses operating in the plastic and packaging industry in Vietnam, including several big names like Binh Minh, Duy Tan and Tin Thanh.
In the stock market, BMP closed Friday at VND103,600 ($4.25) per share.
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