BHI

Listed Company · UPCOM

Price

9,300

Latest close

27 Mar 2026

P/E 57.1x

EPS (TTM) 163

ROE (TTM) —

P/B 0.8x

BVPS (Latest) 12,356

ROA (TTM) —

What Is Changing

BHI is entering a phase where earnings quality matters more than pure top-line recovery. The next question is whether current profit momentum can hold through the next cycle.

Quarterly Net Income decreased 181.6% QoQ to VND 23.3bn in 2025Q4.

Metric	2025
Revenue	2,530.6
Growth	—
Net Income	8.8
Net Margin	0.35%

Metric	Q4'25	Q3'25	Q2'25	Q1'25
Revenue	517.5	622.9	747.5	692.2
Growth	-17%	-17%	+8%	—
Net Income	23.3	-28.6	30.4	-7.7
Net Margin	4.50%	-4.59%	4.07%	-1.11%

Financial Statements

Profitability

Net margin reached 0.35% and still needs validation through the next few periods.

Balance Sheet

Inventory stood at 0.5bn, liabilities at 3,139.5bn, and equity at 1,235.6bn.

Cash Flow

Compare operating cash flow against investment needs to judge growth quality.

None

Item	2025
Revenue	3,013.3
Revenue Deductions	0.0
Net Revenue	2,530.6
Cost of Goods Sold	0.0
Gross Profit	27.9
Financial Income	208.1
Financial Expenses	23.9
Interest Expense	0.0
Share of Associates and Joint Ventures	0.0
Selling Expenses	0.0
General and Administrative Expenses	185.4
Operating Profit	26.7
Other Income	8.8
Other Expenses	11.9
Other Profit	-3.1
Profit Before Tax	23.6
Current Income Tax Expense	13.5
Deferred Income Tax Expense	1.3
Net Income	8.8
Non-controlling Interest	-0.3
Profit Attributable to Parent	9.2
Earnings per Share	92.00
Diluted EPS	91.57

Item	2025
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	4,225.1
I. Cash and cash equivalents	399.6
1. Cash	117.6
2. Cash equivalents	282.0
II. Short-term financial investments	2,214.8
1. Available for sale securities	183.0
2. Provision for diminution in value of available for sale securities (*)	-14.3
3. Held to maturity investments	2,046.1
III. Short-term receivables	605.1
1. Short-term trade accounts receivable	445.0
2. Short-term prepayments to suppliers	9.2
3. Short-term inter-company receivables	0.0
4. Construction contract progress receipts due from customers	0.0
5. Short-term loan receivables	0.0
6. Other short-term receivables	219.6
7. Provision for short-term doubtful debts (*)	-71.5
8. Assets awaiting resolution	0.0
IV. Inventories	0.5
1. Inventories	0.5
2. Provision for decline in value of inventories	0.0
V. Other short-term assets	111.5
1. Short-term prepayments	97.6
2. Value added tax to be reclaimed	0.0
3. Taxes and other receivables from state authorities	0.6
4. Government bonds	0.0
5. Other short-term assets	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	150.1
I. Long-term receivables	54.8
1. Long-term trade receivables	0.0
2. Long-term prepayments to suppliers	0.0
3. Capital at inter-company	0.0
4. Long-term inter-company receivables	0.0
5. Long-term loan receivables	0.0
6. Other long-term receivables	54.8
7. Provision for long-term doubtful debts	0.0
II. Fixed assets	6.9
1. Tangible fixed assets	4.5
- Cost	9.8
- Accumulated depreciation	-5.3
2. Financial leased fixed assets	0.0
- Cost	0.0
- Accumulated depreciation	0.0
3. Intangible fixed assets	2.4
- Cost	8.3
- Accumulated depreciation	-5.8
III. Investment properties	0.0
- Cost	0.0
- Accumulated depreciation	0.0
IV. Long-term assets in progress	0.0
1. Long-term production in progress	0.0
2. Construction in progress	0.0
V. Long-term financial investments	56.4
1. Investments in subsidiaries	0.0
2. Investments in associates, joint-ventures	0.0
3. Investments in other entities	0.0
4. Provision for diminution in value of long-term investments	-3.9
5. Held to maturity investments	30.3
6. Other long-term investments	0.0
VI. Other long-term assets	32.0
1. Long-term prepayments	31.7
2. Deferred income tax assets	0.3
3. Long-term equipment, supplies, spare parts	0.0
4. Other long-term assets	0.0
5. Goodwill	0.0
VII. Goodwill (before 2015)	0.0
TOTAL ASSETS (280=100+200)	4,375.2
A. LIABILITIES (300=210+330)	3,139.5
I. Short -term liabilities	3,139.5
1. Short-term trade accounts payable	457.6
2. Short-term advances from customers	181.5
3. Taxes and other payables to state authorities	18.2
4. Payable to employees	18.0
5. Short-term acrrued expenses	13.4
6. Short-term inter-company payables	0.2
7. Construction contract progress payments due to suppliers	0.0
8. Short-term unearned revenue	117.2
9. Other short-term payables	28.1
10. Short-term borrowings and financial leases	0.0
11. Provision for short-term liabilities	0.0
12.. Bonus and welfare fund	4.3
13. Price stabilization fund	0.0
14. Government bonds	0.0
II. Long-term liabilities	0.0
1. Long-term trade payables	0.0
2. Long-term advances from customers	0.0
3. Long-term acrrued expenses	0.0
4. Inter-company payables on business capital	0.0
5. Long-term inter-company payables	0.0
6. Long-term unearned revenue	0.0
7. Other long-term liabilities	0.0
8. Long-term borrowings and financial leases	0.0
9. Convertible bonds	0.0
10. Preferred stock (Debts)	0.0
11. Deferred income tax liabilities	0.0
12. Provision for long-term liabilities	0.0
13. Fund for technology development	0.0
14. Provision for severance allowances	0.0
B. OWNER'S EQUITY (400=410+430)	1,235.6
I. Owner's equity	1,235.6
1. Owner's capital	1,000.0
- Common stock with voting right	1,000.0
- Preferred stock	0.0
2. Share premium	0.0
3. Convertible bond option	0.0
4. Other capital of owners	0.0
5. Treasury shares	0.0
6. Assets revaluation differences	0.0
7. Foreign exchange differences	-17.5
8. Investment and development fund	1.5
9. Fund to support corporate restructuring	0.0
10. Other funds from owner's equity	0.0
11. Undistributed earnings after tax	220.0
- Accumulated retained earning at the end of the previous period	211.3
- Undistributed earnings in this period	8.6
12. Reserves for investment in construction	0.0
13. Minority's interest	9.2
14. Financial reserves	0.0
II. Other resources and funds	0.0
1. Subsidized not-for-profit funds	0.0
2. Funds invested in fixed assets	0.0
C. MINORITY'S INTEREST	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	4,375.2

Item	Q4'25	Q3'25	Q2'25	Q1'25
Revenue	776.6	631.9	813.2	767.7
Revenue Deductions	0.0	0.0	0.0	0.0
Net Revenue	517.5	622.9	747.5	692.2
Cost of Goods Sold	0.0	0.0	0.0	0.0
Gross Profit	6.3	16.0	27.2	26.7
Financial Income	83.0	-3.1	58.5	28.9
Financial Expenses	3.6	1.6	8.7	9.3
Interest Expense	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	0.0	0.0	0.0	0.0
Selling Expenses	0.0	0.0	0.0	0.0
General and Administrative Expenses	40.9	43.7	47.2	54.3
Operating Profit	44.8	-32.4	29.7	-8.0
Other Income	3.0	2.1	1.6	3.3
Other Expenses	10.7	0.1	0.4	1.9
Other Profit	-7.8	2.1	1.3	1.3
Profit Before Tax	37.0	-30.4	31.0	-6.7
Current Income Tax Expense	13.5	-2.2	0.0	0.0
Deferred Income Tax Expense	0.2	0.4	0.5	1.0
Net Income	23.3	-28.6	30.4	-7.7
Non-controlling Interest	0.2	-0.5	1.1	0.4
Profit Attributable to Parent	23.1	-28.0	29.3	-8.1
Earnings per Share	231.00	-280.00	293.00	-81.00
Diluted EPS	230.85	-280.34	293.03	-81.14

Item	Q4'25	Q3'25	Q2'25	Q1'25
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	4,225.1	4,238.1	3,638.7	4,171.8
I. Cash and cash equivalents	399.6	1,171.8	428.3	88.0
1. Cash	117.6	637.7	142.0	88.0
2. Cash equivalents	282.0	534.1	286.4	0.0
II. Short-term financial investments	2,214.8	1,468.4	1,571.1	2,361.3
1. Available for sale securities	183.0	169.9	89.1	130.6
2. Provision for diminution in value of available for sale securities (*)	-14.3	-7.8	-2.9	-9.6
3. Held to maturity investments	2,046.1	1,306.2	1,485.0	2,240.3
III. Short-term receivables	605.1	554.1	674.5	644.4
1. Short-term trade accounts receivable	445.0	341.0	501.9	458.1
2. Short-term prepayments to suppliers	9.2	7.1	7.9	6.3
3. Short-term inter-company receivables	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	0.0	0.0	0.0	0.0
5. Short-term loan receivables	0.0	0.0	0.0	0.0
6. Other short-term receivables	219.6	274.0	229.6	244.2
7. Provision for short-term doubtful debts (*)	-71.5	-70.8	-67.8	-67.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0
IV. Inventories	0.5	0.5	0.6	0.8
1. Inventories	0.5	0.5	0.6	0.8
2. Provision for decline in value of inventories	0.0	0.0	0.0	0.0
V. Other short-term assets	111.5	122.6	136.8	153.0
1. Short-term prepayments	97.6	117.3	132.0	147.4
2. Value added tax to be reclaimed	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.6	0.6	0.4	0.5
4. Government bonds	0.0	0.0	0.0	0.0
5. Other short-term assets	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	150.1	351.9	1,134.0	680.9
I. Long-term receivables	54.8	46.9	45.8	46.9
1. Long-term trade receivables	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	0.0	0.0	0.0	0.0
3. Capital at inter-company	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	0.0	0.0	0.0	0.0
5. Long-term loan receivables	0.0	0.0	0.0	0.0
6. Other long-term receivables	54.8	46.9	45.8	46.9
7. Provision for long-term doubtful debts	0.0	0.0	0.0	0.0
II. Fixed assets	6.9	7.5	8.1	8.8
1. Tangible fixed assets	4.5	4.8	5.1	5.4
- Cost	9.8	10.5	10.5	11.3
- Accumulated depreciation	-5.3	-5.7	-5.5	-5.8
2. Financial leased fixed assets	0.0	0.0	0.0	0.0
- Cost	0.0	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0	0.0
3. Intangible fixed assets	2.4	2.7	3.0	3.3
- Cost	8.3	8.3	8.3	8.3
- Accumulated depreciation	-5.8	-5.5	-5.2	-4.9
III. Investment properties	0.0	0.0	0.0	0.0
- Cost	0.0	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	0.0	0.0	0.0	0.0
1. Long-term production in progress	0.0	0.0	0.0	0.0
2. Construction in progress	0.0	0.0	0.0	0.0
V. Long-term financial investments	56.4	239.0	995.4	516.6
1. Investments in subsidiaries	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	0.0	0.0	0.0	0.0
3. Investments in other entities	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	-3.9	-3.9	-7.2	-5.7
5. Held to maturity investments	30.3	212.9	972.6	492.3
6. Other long-term investments	0.0	0.0	0.0	0.0
VI. Other long-term assets	32.0	58.5	84.6	108.7
1. Long-term prepayments	31.7	58.0	83.6	108.1
2. Deferred income tax assets	0.3	0.5	0.9	0.6
3. Long-term equipment, supplies, spare parts	0.0	0.0	0.0	0.0
4. Other long-term assets	0.0	0.0	0.0	0.0
5. Goodwill	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	4,375.2	4,590.0	4,772.7	4,852.7
A. LIABILITIES (300=210+330)	3,139.5	3,438.2	3,554.2	3,657.6
I. Short -term liabilities	3,139.5	3,438.2	3,553.3	3,657.6
1. Short-term trade accounts payable	457.6	395.5	550.4	546.6
2. Short-term advances from customers	181.5	126.1	155.6	194.2
3. Taxes and other payables to state authorities	18.2	9.4	21.0	14.9
4. Payable to employees	18.0	12.9	20.9	24.5
5. Short-term acrrued expenses	13.4	13.9	20.1	25.2
6. Short-term inter-company payables	0.2	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	117.2	2.2	4.3	6.4
9. Other short-term payables	28.1	25.7	40.2	28.4
10. Short-term borrowings and financial leases	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	4.3	4.4	4.4	4.9
13. Price stabilization fund	0.0	0.0	0.0	0.0
14. Government bonds	0.0	0.0	0.0	0.0
II. Long-term liabilities	0.0	0.0	0.9	0.0
1. Long-term trade payables	0.0	0.0	0.0	0.0
2. Long-term advances from customers	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	0.0	0.0	0.0	0.0
7. Other long-term liabilities	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	0.0	0.0	0.0	0.0
9. Convertible bonds	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	0.0	0.0	0.0	0.0
11. Deferred income tax liabilities	0.0	0.0	0.9	0.0
12. Provision for long-term liabilities	0.0	0.0	0.0	0.0
13. Fund for technology development	0.0	0.0	0.0	0.0
14. Provision for severance allowances	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	1,235.6	1,151.7	1,218.5	1,195.1
I. Owner's equity	1,235.6	1,151.7	1,218.5	1,195.1
1. Owner's capital	1,000.0	1,000.0	1,000.0	1,000.0
- Common stock with voting right	1,000.0	1,000.0	1,000.0	1,000.0
- Preferred stock	0.0	0.0	0.0	0.0
2. Share premium	0.0	0.0	0.0	0.0
3. Convertible bond option	0.0	0.0	0.0	0.0
4. Other capital of owners	0.0	0.0	0.0	0.0
5. Treasury shares	0.0	0.0	0.0	0.0
6. Assets revaluation differences	0.0	0.0	0.0	0.0
7. Foreign exchange differences	-17.5	-71.6	0.0	0.0
8. Investment and development fund	1.5	1.5	-42.1	-34.6
9. Fund to support corporate restructuring	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	220.0	197.4	232.5	203.2
- Accumulated retained earning at the end of the previous period	211.3	211.3	211.3	211.3
- Undistributed earnings in this period	8.6	-13.9	21.2	-8.1
12. Reserves for investment in construction	0.0	0.0	0.0	0.0
13. Minority's interest	9.2	2.6	4.6	3.1
14. Financial reserves	0.0	0.0	1.5	1.5
II. Other resources and funds	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	4,375.2	4,590.0	4,772.7	4,852.7

Item	Q4'25	Q3'25	Q2'25	Q1'25
Profit Before Tax	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	0.0	0.0	0.0	0.0
Interest Expense	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	0.0	0.0	0.0	0.0
Interest Income and Dividends	0.0	0.0	0.0	0.0
Amortization of Goodwill	0.0	0.0	0.0	0.0
Other Adjustments	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	0.0	0.0	0.0	0.0
Changes in Trading Securities	0.0	0.0	0.0	0.0
Interest Paid	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-8.9	0.0	0.0	0.0
Other Operating Receipts	5.3	-33.2	36.7	8.2
Other Operating Payments	-35.7	-38.6	-49.7	-64.3
Net Cash Flow from Operating Activities	-307.6	-227.1	-10.1	-184.1
Payments for Fixed Assets and Other Long-term Assets	-0.0	-0.0	0.3	-4.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	0.0	1.3
Loans and Purchases of Debt Instruments	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	-548.5	1,788.4	791.2	476.3
Investments in Other Entities	33.3	-890.4	-506.0	-320.4
Proceeds from Investments in Other Entities	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	47.5	73.2	64.9	33.9
Increase/(Decrease) in Term Deposits	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	0.0	0.0	0.0	0.0
Other Investing Receipts	0.0	0.0	0.0	0.0
Other Investing Payments	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-467.7	971.1	350.5	186.4
Proceeds from Equity Issuance and Capital Contributions	0.0	0.0	0.0	0.0
Share Repurchases	0.0	0.0	0.0	0.0
Proceeds from Borrowings	0.0	0.0	0.0	0.0
Repayment of Borrowings	0.0	0.0	0.0	0.0
Repayment of Finance Leases	0.0	0.0	0.0	0.0
Dividends Paid	-0.0	0.0	-0.0	-1.9
Other Financing Receipts	0.0	0.0	0.0	0.0
Other Financing Payments	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-0.0	0.0	-0.0	-1.9
Net Cash Flow During the Period	-775.3	744.0	340.4	0.4
Cash and Cash Equivalents at Beginning of Period	1,171.8	428.3	88.0	87.4
FX Difference from Revaluation	2.7	-0.3	0.2	0.2
Cash and Cash Equivalents at End of Period	399.6	1,171.8	428.3	88.0

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BHI

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Financial Statements

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Balance Sheet

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