Binh Minh Plastics (BMP) Sets 65% Cash Dividend; SCG's Nawaplastic to Receive VND293B

Overview

Binh Minh Plastics (HOSE: BMP) has set November 12 as the record date for a 65% cash dividend, or VND6,500 per share, with payment scheduled for December 8. The distribution totals roughly VND532 billion, and majority shareholder Nawaplastic Industries, a unit of Thailand’s SCG Group, will collect about VND293 billion on its near-55% stake. The announcement arrives alongside Q3 results showing revenue down 4.5% and net profit down 9% year-on-year.

Key Facts

• Record date: November 12; ex-dividend date November 11; payment expected December 8.
• Dividend rate: 65% cash, equal to VND6,500 per share, for tranche 1 of the 2026 payout.
• Total disbursement: approximately VND532 billion on nearly 82 million shares outstanding.
• Nawaplastic Industries holds more than 45 million BMP shares, close to 55% of capital, and is set to receive about VND293 billion.
• Q3 2026 net revenue: VND1,463 billion, down 4.5% year-on-year; cost of goods sold rose 9.4% to VND873 billion.
• Q3 gross margin narrowed to 40.3% from 48%; pre-tax profit VND399 billion and after-tax profit VND319 billion, both down 9%.
• Nine-month 2026 revenue VND4,240 billion (+0.4%), pre-tax profit VND1,238 billion (+2.2%), after-tax profit VND991 billion (+2.4%).
• The prior 2025 cash dividend totaled 148.6%, about VND1,217 billion across two payments, the highest in the company’s history.

What Happened

According to the company’s shareholder-list announcement, Binh Minh Plastics will finalize the register on November 12 to pay the first instalment of its 2026 cash dividend at a 65% rate. Shares trade ex-dividend from November 11, and the company expects to settle the payment on December 8. With just under 82 million shares in circulation, the outlay is approximately VND532 billion.

The largest beneficiary is Nawaplastic Industries, the SCG Group subsidiary that has been BMP’s controlling shareholder since it acquired the state-held block from SCIC in the March 2018 share auction, building on a stake first taken in March 2012. Nawaplastic’s holding of more than 45 million shares, close to 55% of capital, translates into roughly VND293 billion of the payout. The dividend was announced alongside Q3 2026 results in which revenue slipped 4.5% to VND1,463 billion while cost of goods sold climbed 9.4%, compressing gross margin to 40.3% from 48% and pulling after-tax profit down 9% to VND319 billion, ending three consecutive quarters of growth.

Market Context

BMP closed at VND135,300 on November 3, 2026. At that price the VND6,500 tranche-1 payment equates to roughly 4.8% on a single instalment, though the stock’s headline yield reflects a historical policy of large annual cash distributions rather than this payment alone. The Q3 margin compression reflects input-cost pressure in the plastics sector, where resin prices and construction demand drive profitability; the company’s nine-month results remain modestly positive on a cumulative basis. The stock sits in the construction-materials segment of HOSE, a group sensitive to public-investment disbursement and residential construction activity.

Strategic Significance

The core question for long-term holders is whether BMP can sustain its exceptional cash-return policy while margins narrow. The balance sheet supports it for now: at September 30, 2026, total assets reached VND3,747.7 billion, up 10.9% from the start of the year, with cash and equivalents up nearly 140% to VND713.2 billion and short-term financial investments of VND1,470.2 billion, together about 58% of total assets. That liquidity, combined with a business that generates steady operating cash, underpins the payout. The concentration of benefits at SCG also matters: with Nawaplastic taking roughly 55% of every distribution, minority shareholders should read the dividend policy as a function of the parent’s capital-return preferences as much as of BMP’s standalone strategy.

What to Watch

• The December 8 payment date and confirmation that the VND532 billion is settled in full.
• Q4 2026 results, particularly whether gross margin recovers from the 40.3% Q3 level as input costs evolve.
• Any further tranche of the 2026 dividend, given the 2025 precedent of two payments totaling 148.6%.
• Nawaplastic/SCG ownership filings for any change to the near-55% stake, which would alter the dividend split.
• Construction and public-investment data for Vietnam, which feed demand for BMP’s plastic pipe products.