After updating the business forecast, we raise BMP's target price to VND 145,550/share (16.5% upside potential), corresponding to a forward P/E of 11.7x and 11.2x for 2024-25. BMP is BVSC's favorite stock due to its strong profitability, leading market position, and defensive characteristics (strong financial position and operating cash flow, and attractive cash dividends). Based on these points, we recommend OUTPERFORM for BMP.