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BMP - Moderating growth - AGM Note

BMP set a target for 2014 with revenues and NPAT growing 5% and 5.4% respectively as both ASPs and volume improves (actual amounts for each was not disclosed). We think the target is reasonable given BMP is running close to full capacity and although its tax rate should fall, it will increase sales incentives to more aggressively compete against Tien Phong Plastic (NTP).