BBT

Bông Bạch Tuyết ·UPCOM ·2026Q1

▼ Under pressure

Price

11,000

Latest close

02 Jun 2026

P/E —

P/B 0.81x

EPS —

BVPS 13,660

ROE 9.1%

ROA 5.4%

Profit Margin 6.6%

Asset Turnover 0.81x

Equity Mult. 1.69x

TTM · Applied to: EPS, ROE, ROA, Net Margin, Asset Turnover, Debt/Equity

What Is Changing

On a Năm 2025 basis, BBT is holding revenue at an acceptable level, but margins are eroding visibly — profit momentum has been slowing across consecutive periods. What is still missing is better cost control to prevent margin pressure from spreading to the overall profit result.

	                            
	                                TTM REVENUE
	                            
	                                    VND 286bn
	                                
+24.8%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 19bn
	                                
−9.1%YoY

Metric	2025	2024	2023	2022
Revenue	286.5	229.5	152.5	150.0
Growth	+25%	+50%	+2%	—
Net Income	18.9	20.8	7.0	1.4
Net Margin	6.61%	9.08%	4.57%	0.96%

Metric	Q1'26	Q4'25
Revenue	67.6	80.3
Growth	-16%	—
Net Income	3.2	2.7
Net Margin	4.74%	3.40%

Financial Highlights

Detailed analysis of each financial dimension

Is the profit sustainable?

Margins are broadly flat — earnings quality is the factor to watch.

very positive positive stable watch under pressure

What is driving the margin?

Track net margin changes and the operating components against the same period last year.

Profitability trend

Net Margin 6.61% −2.5pp

Gross Margin — —

SG&A / Revenue — —

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Balance Sheet

Capital structure is conservative with low leverage — liabilities at 0.44x equity, net debt at 0.36x equity.

Over the last 12 months, working capital released 0.0bn of cash.

Working Capital Drivers

Receivables were broadly stable → neutral CFO: —

Inventories were broadly stable → neutral CFO: —

Payables were broadly stable → neutral CFO: —

Working Capital Efficiency

Track receivable, inventory, and payable turns to judge working-capital efficiency.

Track DSO, DIO, DPO components to evaluate working capital turnover efficiency.

Working Capital Efficiency

Receivables — —

Inventory — —

Payables — —

Cash Conversion Cycle — —

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.

At present, short-term debt accounts for 100.0% of total debt, cash equals 48.9% of debt, and total debt stands at 64.8bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.36x —

Interest Coverage — —

Cash / Debt 48.9% —

Short-term Debt / Total Debt 100.0% —

TTM YoY · Prior -> 2026Q1

Statement Data

Item	2025	2024	2023	2022
Revenue	310.2	248.5	171.9	167.0
Revenue Deductions	23.7	19.0	19.4	17.0
Net Revenue	286.5	229.5	152.5	150.0
Cost of Goods Sold	160.6	131.0	102.0	103.2
Gross Profit	125.9	98.5	50.5	46.8
Financial Income	15.6	13.8	17.0	15.4
Financial Expenses	12.9	14.8	11.7	17.0
Interest Expense	10.8	11.4	10.7	11.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0
Selling Expenses	74.5	49.3	26.9	22.2
General and Administrative Expenses	30.8	28.7	20.6	22.1
Operating Profit	23.4	19.6	8.2	1.0
Other Income	0.8	6.2	0.2	1.8
Other Expenses	1.3	0.5	0.1	1.1
Other Profit	-0.4	5.7	0.1	0.7
Profit Before Tax	23.0	25.3	8.3	1.6
Current Income Tax Expense	3.9	4.2	1.6	0.1
Deferred Income Tax Expense	0.1	0.2	-0.3	0.1
Net Income	18.9	20.8	7.0	1.4
Non-controlling Interest	—	0.0	0.0	0.0
Profit Attributable to Parent	18.9	20.8	7.0	1.4
Earnings per Share	1,649.00	2,127.00	710.00	147.00
Diluted EPS	1,649.00	2,127.00	710.00	147.00

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	175.9	212.0	212.8	236.7
I. Cash and cash equivalents	47.1	35.0	8.5	15.9
1. Cash	32.1	31.0	8.5	6.9
2. Cash equivalents	15.0	4.0	0.0	9.0
II. Short-term financial investments	—	0.0	0.0	29.7
1. Available for sale securities	—	0.0	0.0	10.7
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	-2.3
3. Held to maturity investments	—	0.0	0.0	21.4
III. Short-term receivables	96.3	129.1	160.6	152.4
1. Short-term trade accounts receivable	51.0	37.6	26.7	33.5
2. Short-term prepayments to suppliers	6.7	3.6	6.7	0.4
3. Short-term inter-company receivables	—	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0
5. Short-term loan receivables	38.0	85.4	123.5	117.0
6. Other short-term receivables	2.2	3.9	7.5	5.3
7. Provision for short-term doubtful debts (*)	-1.5	-1.4	-3.7	-3.7
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	29.3	46.4	42.0	35.1
1. Inventories	30.3	47.6	42.1	35.2
2. Provision for decline in value of inventories	-1.0	-1.2	-0.1	-0.1
V. Other short-term assets	3.1	1.4	1.7	3.6
1. Short-term prepayments	2.4	1.1	1.1	1.4
2. Value added tax to be reclaimed	0.0	0.1	0.5	1.1
3. Taxes and other receivables from state authorities	0.7	0.2	0.1	1.1
4. Government bonds	—	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	205.4	112.4	82.1	83.2
I. Long-term receivables	99.2	14.2	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0
5. Long-term loan receivables	99.0	14.0	0.0	0.0
6. Other long-term receivables	0.2	0.2	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	80.4	81.9	73.1	77.2
1. Tangible fixed assets	79.9	80.9	71.7	75.2
- Cost	159.5	151.4	131.7	126.1
- Accumulated depreciation	-79.6	-70.5	-60.1	-50.9
2. Financial leased fixed assets	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
3. Intangible fixed assets	0.5	1.0	1.5	2.0
- Cost	2.7	2.5	2.5	2.5
- Accumulated depreciation	-2.2	-1.5	-1.0	-0.5
III. Investment properties	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
IV. Long-term assets in progress	21.4	11.4	3.4	0.0
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	21.4	11.4	3.4	0.0
V. Long-term financial investments	—	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0
VI. Other long-term assets	4.3	4.9	5.6	6.1
1. Long-term prepayments	4.3	4.8	5.3	6.1
2. Deferred income tax assets	—	0.1	0.3	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0
5. Goodwill	—	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	381.3	324.3	294.9	320.0
A. LIABILITIES (300=210+330)	116.7	170.5	161.9	188.8
I. Short -term liabilities	116.7	91.6	88.6	81.9
1. Short-term trade accounts payable	13.1	14.3	13.5	6.7
2. Short-term advances from customers	10.5	9.9	9.7	9.7
3. Taxes and other payables to state authorities	4.8	3.6	2.1	0.1
4. Payable to employees	11.3	10.8	6.5	6.0
5. Short-term acrrued expenses	8.8	7.7	7.2	10.6
6. Short-term inter-company payables	—	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0
9. Other short-term payables	1.9	1.5	7.6	7.6
10. Short-term borrowings and financial leases	66.2	43.7	41.9	41.1
11. Provision for short-term liabilities	0.1	0.1	0.1	0.1
12.. Bonus and welfare fund	—	0.0	0.0	0.0
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	—	78.9	73.3	106.9
1. Long-term trade payables	—	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	78.9	73.3	106.9
9. Convertible bonds	—	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	264.5	153.9	133.0	131.2
I. Owner's equity	264.5	153.9	133.0	131.2
1. Owner's capital	196.0	98.0	98.0	98.0
- Common stock with voting right	196,000,000,000.00	98,000,000,000.00	98,000,000,000.00	98,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00
2. Share premium	24.8	25.2	25.2	25.2
3. Convertible bond option	—	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0
8. Investment and development fund	9.5	9.5	9.5	9.5
9. Fund to support corporate restructuring	—	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0
11. Undistributed earnings after tax	34.3	21.2	0.4	-1.5
- Accumulated retained earning at the end of the previous period	15.3	0.4	-6.6	-2.9
- Undistributed earnings in this period	18.9	20.8	7.0	1.4
12. Reserves for investment in construction	—	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	381.3	324.3	294.9	320.0

Item	2025	2024	2023	2022
Profit Before Tax	23.0	25.3	8.3	1.6
Depreciation of Fixed Assets and Investment Property	12.8	10.9	9.6	8.3
Provision (Increase)/Reversal	0.2	2.3	-2.3	2.4
FX Gain/Loss from Revaluation of Monetary Items	2.0	2.8	2.6	3.7
Gain/Loss from Investment Activities	-14.9	-13.8	-16.6	-13.3
Interest Expense	10.8	11.4	10.7	11.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	33.9	38.8	12.4	13.7
Increase/(Decrease) in Receivables	-14.8	-11.5	6.0	-7.5
Increase/(Decrease) in Inventory	17.3	-5.5	-6.9	1.9
Increase/(Decrease) in Payables (Excl. Interest and CIT)	2.7	0.1	5.6	-2.8
Increase/(Decrease) in Prepaid Expenses	-0.9	0.5	1.1	1.2
Changes in Trading Securities	—	0.0	10.7	9.5
Interest Paid	-10.6	-13.0	-13.7	-8.4
Corporate Income Tax Paid	-3.6	-3.0	-2.2	-2.4
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0
Net Cash Flow from Operating Activities	24.1	6.4	12.9	5.2
Payments for Fixed Assets and Other Long-term Assets	-27.4	-23.4	-14.0	-20.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	1.1	0.0	0.0	0.9
Loans and Purchases of Debt Instruments	-185.5	-56.9	-125.5	-267.4
Receipts from Loan Repayments and Sale of Debt Instruments	147.9	81.0	140.4	224.0
Investments in Other Entities	—	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0
Dividends and Interest Income Received	17.6	14.8	14.3	11.9
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-46.3	15.5	15.2	-50.8
Proceeds from Equity Issuance and Capital Contributions	97,651,850,000.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00
Proceeds from Borrowings	128.4	143.8	63.4	51.4
Repayment of Borrowings	-186.9	-139.2	-98.9	-51.4
Repayment of Finance Leases	—	0.0	0.0	0.0
Dividends Paid	-4.9	0.0	0.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	34.3	4.6	-35.5	0.0
Net Cash Flow During the Period	12.1	26.5	-7.4	-45.6
Cash and Cash Equivalents at Beginning of Period	35.0	8.5	15.9	61.5
FX Difference from Revaluation	—	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	47.1	35.0	8.5	15.9

Item	Q1'26	Q4'25
Revenue	77.3	87.7
Revenue Deductions	9.7	7.4
Net Revenue	67.6	80.3
Cost of Goods Sold	36.3	45.5
Gross Profit	31.3	34.8
Financial Income	4.4	4.1
Financial Expenses	1.8	2.2
Interest Expense	1.8	2.3
Selling Expenses	21.2	23.9
General and Administrative Expenses	8.6	9.5
Operating Profit	4.0	3.3
Other Income	0.0	0.3
Other Expenses	0.0	0.2
Other Profit	0.0	0.1
Profit Before Tax	4.0	3.4
Current Income Tax Expense	0.8	0.7
Net Income	3.2	2.7
Profit Attributable to Parent	3.2	2.7
Earnings per Share	68.00	139.00
Diluted EPS	68.00	139.45

Item	Q1'26	Q4'25
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	164.1	175.9
I. Cash and cash equivalents	31.7	32.1
1. Cash	24.7	32.1
2. Cash equivalents	7.0	—
II. Short-term financial investments	44.0	15.0
3. Held to maturity investments	44.0	15.0
III. Short-term receivables	50.7	96.3
1. Short-term trade accounts receivable	35.8	51.0
2. Short-term prepayments to suppliers	10.8	6.7
5. Short-term loan receivables	—	38.0
6. Other short-term receivables	5.6	2.2
7. Provision for short-term doubtful debts (*)	-1.5	-1.5
IV. Inventories	34.1	29.3
1. Inventories	35.1	30.3
2. Provision for decline in value of inventories	-1.0	-1.0
V. Other short-term assets	3.7	3.1
1. Short-term prepayments	3.4	2.4
2. Value added tax to be reclaimed	0.0	0.0
3. Taxes and other receivables from state authorities	0.3	0.7
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	207.8	206.4
I. Long-term receivables	0.2	99.2
5. Long-term loan receivables	—	99.0
6. Other long-term receivables	0.2	0.2
II. Fixed assets	95.9	81.3
1. Tangible fixed assets	95.4	80.7
- Cost	178.1	—
- Accumulated depreciation	-82.7	—
3. Intangible fixed assets	0.4	0.5
- Cost	1.9	—
- Accumulated depreciation	-1.4	—
IV. Long-term assets in progress	8.1	21.4
2. Construction in progress	8.1	21.4
V. Long-term financial investments	99.0	—
5. Held to maturity investments	99.0	—
VI. Other long-term assets	4.7	4.5
1. Long-term prepayments	4.7	4.3
2. Deferred income tax assets	—	0.2
TOTAL ASSETS (280=100+200)	372.0	382.3
A. LIABILITIES (300=210+330)	104.2	115.2
I. Short -term liabilities	104.2	51.6
1. Short-term trade accounts payable	12.4	13.1
2. Short-term advances from customers	10.3	10.5
3. Taxes and other payables to state authorities	2.0	2.7
4. Payable to employees	5.7	11.2
5. Short-term acrrued expenses	6.7	9.5
9. Other short-term payables	2.2	1.9
10. Short-term borrowings and financial leases	64.8	2.5
11. Provision for short-term liabilities	0.1	0.1
II. Long-term liabilities	—	63.7
8. Long-term borrowings and financial leases	—	63.7
B. OWNER'S EQUITY (400=410+430)	267.7	267.1
I. Owner's equity	267.7	267.1
1. Owner's capital	196.0	196.0
- Common stock with voting right	196,000,000,000.00	196,000,000,000.00
2. Share premium	24.8	24.8
8. Investment and development fund	9.5	9.5
11. Undistributed earnings after tax	37.5	36.8
- Accumulated retained earning at the end of the previous period	34.3	15.8
- Undistributed earnings in this period	3.2	21.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	372.0	382.3

Item	Q1'26	Q4'25
Profit Before Tax	4.0	23.0
Depreciation of Fixed Assets and Investment Property	3.1	12.8
Provision (Increase)/Reversal	—	0.2
FX Gain/Loss from Revaluation of Monetary Items	—	2.0
Gain/Loss from Investment Activities	-4.4	-14.9
Interest Expense	1.8	10.8
Operating Profit Before Changes in Working Capital	4.6	33.9
Increase/(Decrease) in Receivables	7.6	-14.8
Increase/(Decrease) in Inventory	-4.8	17.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-8.4	2.7
Increase/(Decrease) in Prepaid Expenses	-1.3	-0.9
Interest Paid	-1.8	-10.6
Corporate Income Tax Paid	-3.6	-3.6
Other Operating Payments	0.3	—
Net Cash Flow from Operating Activities	-7.3	24.1
Payments for Fixed Assets and Other Long-term Assets	-5.3	-27.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	1.1
Loans and Purchases of Debt Instruments	-61.0	-185.5
Receipts from Loan Repayments and Sale of Debt Instruments	55.0	147.9
Dividends and Interest Income Received	4.4	17.6
Net Cash Flow from Investing Activities	-6.9	-46.3
Proceeds from Borrowings	2.2	128.4
Repayment of Borrowings	-3.5	-186.9
Dividends Paid	—	-4.9
Net Cash Flow from Financing Activities	-1.3	34.3
Net Cash Flow During the Period	-15.4	12.1
Cash and Cash Equivalents at Beginning of Period	47.1	35.0
Cash and Cash Equivalents at End of Period	31.7	47.1

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BBT

What Is Changing

Financial Highlights

Is the profit sustainable?

What is driving the margin? ●

Is capital being used efficiently?

Balance Sheet ●

Working Capital Efficiency ●

Is financial risk significant?

Leverage & Liquidity ▲

Statement Data

What is driving the margin?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity