BEL

Listed Company · UPCOM

Price
16,200
Latest close
02 Mar 2026
P/E
EPS (TTM) 0
ROE (TTM) 5.3%
P/B
BVPS (Latest)
ROA (TTM) 4.8%

What Is Changing

BEL no longer looks like a business simply rebounding from a weak base. Revenue posted +45.7% YoY, while net margin reached 19.09% with an additional -1.8pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

  • Net Margin fell below its recent low, compressing 183bps to 19.09% in 2025.
  • Net Income recovered 33.0% to VND 3.4bn in 2025.
  • Revenue growth accelerated to 45.7% in 2025, up 92.9pp versus the prior year.
Metric 2025 2024 2023 2022
Revenue 17.7 12.2 23.0 22.1
Growth +46% -47% +4%
Net Income 3.4 2.5 6.5 6.7
Net Margin 19.09% 20.92% 28.37% 30.30%

Financial Statements

Profitability

Net margin reached 19.09% while Revenue posted +45.7% YoY.

Balance Sheet

Inventory stood at 0.8bn, liabilities at 7.1bn, and equity at 63.8bn.

Cash Flow

Operating cash flow was -5.8bn in 2024, while investing cash flow was 9.1bn.

Financing cash flow: -5.9bn.

Item 2025 2024 2023 2022
Net Revenue
17.7 12.2 23.0 22.1
Cost of Goods Sold
7.5 4.4 8.1 6.9
Gross Profit
10.2 7.8 14.9 15.2
Financial Expenses
0.0 0.0 0.0 0.0
Selling Expenses
0.8 0.7 0.9 1.2
General and Administrative Expenses
7.8 9.8 9.5 8.8
Operating Profit
4.2 -0.3 8.3 8.4
Profit Before Tax
4.3 2.7 8.2 8.4
Net Income
3.4 2.5 6.5 6.7
Profit Attributable to Parent
3.4 2.5 6.5 6.7
Earnings per Share
564.00 424.00 1,090.00 1,118.00

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