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With share price of VND 27,100; BMP is now trading at P/E 2008 4.7x and P/B 2008 1.0x. From the prospect of economy downturn as well as stagnant construction industry, we think that the plastic pipe industry continues to face many difficulties in 2009. We thereby expect to see 2009 EPS of BMP to be lower than 2008. However we believe that strong fundamentals of market leader can lead the company ease off the hard time and rebound soon. Therefore, BMP can be classified in watch- list of investors to wait for good time to buy.
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