BIC

Listed Company · HOSE

Price

24,200

Latest close

03 Apr 2026

P/E 6.3x

EPS (TTM) 3,855

ROE (TTM) —

P/B 1.4x

BVPS (Latest) 16,749

ROA (TTM) —

What Is Changing

BIC 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 increased 32.9% QoQ to VND 124.7bn in 2025Q4.

Metric	2025
Revenue	4,286.3
Growth	—
Net Income	550.5
Net Margin	12.84%

Metric	Q4'25	Q3'25	Q2'25	Q1'25
Revenue	1,096.6	1,035.6	1,121.0	1,033.2
Growth	+6%	-8%	+8%	—
Net Income	124.7	93.8	174.2	155.6
Net Margin	11.37%	9.06%	15.54%	15.06%

Financial Statements

Profitability

Net margin reached 12.84% and still needs validation through the next few periods.

Balance Sheet

Inventory stood at 9.1bn, liabilities at 6,709.6bn, and equity at 3,383.1bn.

Cash Flow

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

None

Item	2025
Revenue	5,572.5
Revenue Deductions	0.0
Net Revenue	4,286.3
Cost of Goods Sold	0.0
Gross Profit	963.2
Financial Income	548.5
Financial Expenses	37.2
Interest Expense	0.0
Share of Associates and Joint Ventures	0.0
Selling Expenses	0.0
General and Administrative Expenses	800.2
Operating Profit	674.3
Other Income	8.4
Other Expenses	3.7
Other Profit	4.6
Profit Before Tax	678.9
Current Income Tax Expense	128.3
Deferred Income Tax Expense	0.1
Net Income	550.5
Non-controlling Interest	7.9
Profit Attributable to Parent	542.7
Earnings per Share	2,724.00
Diluted EPS	2,685.58

Item	2025
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	8,107.7
I. Cash and cash equivalents	86.3
1. Cash	75.6
2. Cash equivalents	10.6
II. Short-term financial investments	5,415.9
1. Available for sale securities	519.8
2. Provision for diminution in value of available for sale securities (*)	-13.8
3. Held to maturity investments	4,909.8
III. Short-term receivables	657.6
1. Short-term trade accounts receivable	481.6
2. Short-term prepayments to suppliers	4.0
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	194.6
7. Provision for short-term doubtful debts (*)	-22.7
8. Assets awaiting resolution	0.0
IV. Inventories	9.1
1. Inventories	9.1
2. Provision for decline in value of inventories	0.0
V. Other short-term assets	310.2
1. Short-term prepayments	309.9
2. Value added tax to be reclaimed	0.0
3. Taxes and other receivables from state authorities	0.0
4. Government bonds	0.0
5. Other short-term assets	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1,985.0
I. Long-term receivables	42.9
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	42.9
7. Provision for long-term doubtful debts	0.0
II. Fixed assets	76.9
1. Tangible fixed assets	51.1
- Cost	151.8
- Accumulated depreciation	-100.8
2. Financial leased fixed assets	0.0
- Cost	0.0
- Accumulated depreciation	0.0
3. Intangible fixed assets	25.9
- Cost	27.8
- Accumulated depreciation	-1.9
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	1.8
V. Long-term financial investments	1,805.8
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	-25.9
5. Held to maturity investments	1,755.8
6. Other long-term investments	0.0
VI. Other long-term assets	57.5
1. Long-term prepayments	57.5
2. Deferred income tax assets	0.0
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)	10,092.7
A. LIABILITIES (300=210+330)	6,709.6
I. Short -term liabilities	6,705.2
1. Short-term trade accounts payable	875.3
2. Short-term advances from customers	144.0
3. Taxes and other payables to state authorities	94.4
4. Payable to employees	217.2
5. Short-term acrrued expenses	36.4
6. Short-term inter-company payables	0.0
7. Construction contract progress payments due to suppliers	0.0
8. Short-term unearned revenue	16.1
9. Other short-term payables	13.7
10. Short-term borrowings and financial leases	418.4
11. Provision for short-term liabilities	81.0
12.. Bonus and welfare fund	211.0
13. Price stabilization fund	0.0
14. Government bonds	0.0
II. Long-term liabilities	4.4
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	1.0
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	3.4
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)	3,383.1
I. Owner's equity	3,383.1
1. Owner's capital	2,020.7
- Common stock with voting right	2,020.7
- Preferred stock	0.0
2. Share premium	532.4
3. Convertible bond option	0.0
4. Other capital of owners	2.6
5. Treasury shares	0.0
6. Assets revaluation differences	0.0
7. Foreign exchange differences	-18.4
8. Investment and development fund	0.3
9. Fund to support corporate restructuring	0.0
10. Other funds from owner's equity	0.0
11. Undistributed earnings after tax	561.2
- Accumulated retained earning at the end of the previous period	44.1
- Undistributed earnings in this period	517.1
12. Reserves for investment in construction	0.0
13. Minority's interest	133.0
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)	10,092.7

Item	Q4'25	Q3'25	Q2'25	Q1'25
Revenue	1,541.7	1,363.9	1,389.9	1,283.5
Revenue Deductions	0.0	0.0	0.0	0.0
Net Revenue	1,096.6	1,035.6	1,121.0	1,033.2
Cost of Goods Sold	0.0	0.0	0.0	0.0
Gross Profit	191.4	278.3	249.5	275.1
Financial Income	163.7	77.3	136.8	170.8
Financial Expenses	8.6	9.3	10.4	11.3
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	211.0	223.1	156.3	239.2
Operating Profit	135.4	123.2	219.6	195.4
Other Income	1.2	6.7	0.2	0.3
Other Expenses	1.5	0.5	0.2	1.6
Other Profit	-0.3	6.2	0.0	-1.3
Profit Before Tax	135.1	129.4	219.7	194.1
Current Income Tax Expense	10.4	35.6	45.4	38.5
Deferred Income Tax Expense	0.0	0.0	0.0	0.0
Net Income	124.7	93.8	174.2	155.6
Non-controlling Interest	1.7	2.8	1.9	1.5
Profit Attributable to Parent	122.9	91.0	172.3	154.1
Earnings per Share	608.35	450.51	1,469.53	1,327.00
Diluted EPS	608.35	450.51	1,469.53	1,314.23

Item	Q4'25	Q3'25	Q2'25	Q1'25
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	8,095.7	8,487.2	8,006.8	7,534.0
I. Cash and cash equivalents	104.6	152.0	81.5	107.0
1. Cash	75.7	141.4	60.9	82.0
2. Cash equivalents	29.0	10.7	20.5	25.0
II. Short-term financial investments	5,397.7	6,105.1	5,788.6	5,448.4
1. Available for sale securities	519.8	457.6	456.5	478.3
2. Provision for diminution in value of available for sale securities (*)	-13.8	-24.0	-25.2	-30.1
3. Held to maturity investments	4,891.7	5,671.5	5,357.3	5,000.2
III. Short-term receivables	651.6	639.1	660.0	561.2
1. Short-term trade accounts receivable	476.1	427.4	389.5	268.9
2. Short-term prepayments to suppliers	4.0	4.6	2.8	9.2
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	194.6	249.0	309.0	337.3
7. Provision for short-term doubtful debts (*)	-23.1	-41.8	-41.3	-54.2
8. Assets awaiting resolution	0.0	0.0	0.0	0.0
IV. Inventories	9.2	0.2	0.3	0.1
1. Inventories	9.2	0.2	0.3	0.1
2. Provision for decline in value of inventories	0.0	0.0	0.0	0.0
V. Other short-term assets	307.2	293.9	280.7	278.2
1. Short-term prepayments	306.9	289.1	280.6	273.2
2. Value added tax to be reclaimed	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.0	0.0	0.0	0.0
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)	1,984.0	1,480.1	1,264.1	1,325.6
I. Long-term receivables	42.9	41.2	22.7	28.3
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	42.9	41.2	22.7	28.3
7. Provision for long-term doubtful debts	0.0	0.0	0.0	0.0
II. Fixed assets	77.4	65.8	68.0	66.9
1. Tangible fixed assets	51.6	39.2	41.3	41.1
- Cost	154.1	141.5	137.2	134.2
- Accumulated depreciation	-102.5	-102.3	-95.9	-93.1
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	25.9	26.6	26.7	25.8
- Cost	27.8	28.7	28.7	27.7
- Accumulated depreciation	-1.9	-2.0	-2.0	-1.9
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	1.8	0.0	0.0	0.0
V. Long-term financial investments	1,804.8	1,315.9	1,115.4	1,171.7
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	-26.9	-28.6	-30.6	-33.8
5. Held to maturity investments	1,755.8	1,268.6	1,070.1	1,129.6
6. Other long-term investments	0.0	0.0	0.0	0.0
VI. Other long-term assets	57.1	57.1	58.0	58.8
1. Long-term prepayments	57.1	57.1	58.0	58.8
2. Deferred income tax assets	0.0	0.0	0.0	0.0
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)	10,079.7	9,967.2	9,270.9	8,859.6
A. LIABILITIES (300=210+330)	6,695.2	6,698.7	6,215.9	5,734.9
I. Short -term liabilities	6,690.9	6,694.4	6,211.0	5,730.2
1. Short-term trade accounts payable	870.5	855.8	856.9	737.3
2. Short-term advances from customers	144.0	148.7	135.5	142.7
3. Taxes and other payables to state authorities	92.9	78.1	84.9	92.1
4. Payable to employees	217.0	274.1	176.3	94.9
5. Short-term acrrued expenses	36.3	112.6	103.7	132.9
6. Short-term inter-company payables	0.0	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	16.1	16.4	17.5	13.5
9. Other short-term payables	13.6	200.2	186.0	10.7
10. Short-term borrowings and financial leases	418.4	526.9	442.1	412.6
11. Provision for short-term liabilities	81.0	92.6	98.1	90.6
12.. Bonus and welfare fund	210.8	223.1	224.0	154.4
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	4.3	4.3	4.9	4.6
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	1.0	1.0	1.5	1.3
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	3.4	3.4	3.4	3.4
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)	3,384.5	3,268.5	3,055.0	3,124.7
I. Owner's equity	3,384.5	3,268.5	3,055.0	3,124.7
1. Owner's capital	2,020.7	2,020.7	1,172.8	1,172.8
- Common stock with voting right	2,020.7	2,020.7	1,172.8	1,172.8
- Preferred stock	0.0	0.0	0.0	0.0
2. Share premium	532.4	532.4	655.6	655.6
3. Convertible bond option	0.0	0.0	0.0	0.0
4. Other capital of owners	2.6	0.0	0.0	0.0
5. Treasury shares	0.0	2.6	2.6	2.6
6. Assets revaluation differences	0.0	0.0	0.0	0.0
7. Foreign exchange differences	-18.5	0.0	0.0	0.0
8. Investment and development fund	0.3	-0.5	-18.5	-23.8
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	564.4	460.3	660.8	737.6
- Accumulated retained earning at the end of the previous period	46.0	316.5	323.2	73.2
- Undistributed earnings in this period	518.4	143.8	337.6	664.4
12. Reserves for investment in construction	0.0	0.0	0.0	0.0
13. Minority's interest	131.3	128.0	21.7	20.0
14. Financial reserves	0.0	0.3	436.6	436.6
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)	10,079.7	9,967.2	9,270.9	8,859.6

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)	-10.8	138.6	173.7	-21.4
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	-21.6	-42.5	-30.1	-70.9
Other Operating Receipts	0.0	0.0	0.0	0.0
Other Operating Payments	-88.0	107.7	-3.7	-19.0
Net Cash Flow from Operating Activities	-168.1	204.8	176.8	45.9
Payments for Fixed Assets and Other Long-term Assets	-17.5	-0.4	-3.9	-0.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.3	0.1	0.0	0.0
Loans and Purchases of Debt Instruments	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	2,316.7	965.6	1,106.9	1,138.2
Investments in Other Entities	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	132.4	68.2	66.5	53.8
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	404.3	-219.1	-233.3	-157.2
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	466.0	417.6	365.5	435.8
Repayment of Borrowings	-574.5	-332.7	-336.0	-307.1
Repayment of Finance Leases	0.0	0.0	0.0	0.0
Dividends Paid	-175.9	0.0	0.0	0.0
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	-284.4	84.8	29.5	128.7
Net Cash Flow During the Period	-48.1	70.6	-27.0	17.4
Cash and Cash Equivalents at Beginning of Period	152.0	81.5	107.0	89.6
FX Difference from Revaluation	2.2	1.5	1.5	0.0
Cash and Cash Equivalents at End of Period	104.6	152.0	81.5	107.0

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BIC

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