NTP Profit Tops BMP for First Time in Five Years on 9M2026 Results

Overview

Nhựa Tiền Phong (HNX: NTP) reported 9M2026 net profit of VND 1,022 billion, up 29.31% year on year, surpassing Nhựa Bình Minh (HOSE: BMP) at VND 990 billion for the first time in five years on a nine-month basis. The result, disclosed in NTP’s consolidated Q3/2026 financial statements, marks a reversal from the same period in 2025, when NTP trailed BMP by roughly VND 177 billion.

Key Facts

• NTP 9M2026 net revenue: VND 5,751 billion, up 18.11% year on year.
• NTP 9M2026 pre-tax profit: VND 1,233 billion, up 29.92%; net profit VND 1,022 billion, up 29.31%.
• BMP 9M2026 net revenue: VND 4,240 billion, up 0.38%; net profit VND 990 billion, up 2.39%.
• NTP’s net profit lead over BMP: approximately VND 31 billion, versus a VND 177 billion deficit a year earlier.
• NTP exceeded its full-year profit plan by 37%, according to the company’s Q3 filing.
• NTP was founded in 1960; BMP followed 37 years later. BMP has led on net profit in most years since 2011, with brief exceptions in 2017 and 2021.
• In 2021, NTP posted full-year net profit of nearly VND 468 billion versus BMP’s VND 214 billion, the last time NTP finished ahead.

What Happened

According to the consolidated Q3/2026 financial statements, CTCP Nhựa Thiếu niên Tiền Phong recorded nine-month net revenue of VND 5,751 billion, an 18.11% increase over the same period in 2025. Pre-tax profit reached VND 1,233 billion, up 29.92%, and net profit attributable to shareholders came in at VND 1,022 billion, up 29.31%. The company said the result exceeded 37% of its full-year profit target.

CTCP Nhựa Bình Minh, by contrast, reported nine-month net revenue of VND 4,240 billion, up only 0.38%, with pre-tax profit of VND 1,238 billion (+2.24%) and net profit of VND 990 billion (+2.39%). The two companies compete directly in PVC, HDPE and PPR piping for construction and residential use, with BMP historically dominant in southern Vietnam and NTP holding the leading position in the north. The article notes that BMP’s last extended stumble, in 2021, stemmed from COVID-19 lockdowns in its southern core market, when Q3 volumes fell 58% to 11,000 tonnes and quarterly net profit turned negative by VND 26 billion.

Market Context

NTP closed at VND 53,000 on 24 October 2026 on the HNX, while BMP closed at VND 138,600 on HOSE. The wide per-share price gap reflects BMP’s smaller share count and historically higher margins rather than a profit advantage, which has now narrowed to the point of inversion on a nine-month basis. Both names sit in the building-materials segment, which remains sensitive to domestic construction activity and PVC resin input costs; NTP’s double-digit revenue growth contrasts with BMP’s near-flat top line, suggesting share gains rather than a sector-wide demand recovery.

Strategic Significance

The crossover matters less as a single-quarter event than as evidence that NTP’s northern franchise and volume-led model are scaling faster than BMP’s southern-centric, margin-defensive approach. NTP’s 18.11% revenue growth against BMP’s 0.38% implies NTP is winning incremental volume, likely through public infrastructure and residential demand in the north, while keeping cost ratios contained enough to expand net margin. For long-term holders, the key question is durability: NTP has crossed ahead of BMP twice before, in 2017 and 2021, and failed to hold the lead. Whether this year’s gap widens depends on whether NTP can sustain volume growth without eroding pricing, and whether BMP’s southern recovery accelerates into 2027.

What to Watch

• NTP and BMP Q4/2026 and full-year 2026 results, expected in January 2027, to confirm whether NTP holds the lead on a full-year basis.
• NTP’s full-year profit versus its 2026 plan, given the 37% nine-month overrun and the risk of a low fourth-quarter base.
• Quarterly PVC and HDPE resin price data, which drive gross margins for both producers.
• BMP’s southern sales volumes and any commentary on construction demand recovery in Hồ Chí Minh City and surrounding provinces.
• Foreign-ownership and shareholder-structure filings for NTP on HNX, given its smaller free float relative to BMP.