BLI

Listed Company · UPCOM

Price

9,100

Latest close

03 Apr 2026

P/E 17.3x

EPS (TTM) 527

ROE (TTM) —

P/B 0.6x

BVPS (Latest) 15,477

ROA (TTM) —

What Is Changing

BLI 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 210.1% QoQ to VND -21.3bn in 2025Q4.

Metric	2025
Revenue	1,281.3
Growth	—
Net Income	31.6
Net Margin	2.47%

Metric	Q4'25	Q3'25	Q2'25	Q1'25
Revenue	342.1	310.6	316.6	312.0
Growth	+10%	-2%	+1%	—
Net Income	-21.3	19.3	1.1	32.5
Net Margin	-6.22%	6.23%	0.34%	10.41%

Financial Statements

Profitability

Net margin reached 2.47% and still needs validation through the next few periods.

Balance Sheet

Inventory stood at 0.4bn, liabilities at 1,845.1bn, and equity at 928.6bn.

Cash Flow

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

None

Item	2025
Revenue	1,549.7
Revenue Deductions	0.0
Net Revenue	1,281.3
Cost of Goods Sold	0.0
Gross Profit	211.3
Financial Income	74.6
Financial Expenses	10.4
Interest Expense	0.0
Share of Associates and Joint Ventures	0.0
Selling Expenses	0.0
General and Administrative Expenses	232.7
Operating Profit	42.9
Other Income	0.5
Other Expenses	1.5
Other Profit	-1.0
Profit Before Tax	41.9
Current Income Tax Expense	11.4
Deferred Income Tax Expense	-1.2
Net Income	31.6
Non-controlling Interest	0.0
Profit Attributable to Parent	31.6
Earnings per Share	527.00
Diluted EPS	526.73

Item	2025
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	2,590.7
I. Cash and cash equivalents	95.2
1. Cash	70.2
2. Cash equivalents	25.0
II. Short-term financial investments	1,613.5
1. Available for sale securities	19.2
2. Provision for diminution in value of available for sale securities (*)	-4.9
3. Held to maturity investments	1,599.2
III. Short-term receivables	407.2
1. Short-term trade accounts receivable	292.5
2. Short-term prepayments to suppliers	0.0
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	137.2
7. Provision for short-term doubtful debts (*)	-22.5
8. Assets awaiting resolution	0.0
IV. Inventories	0.4
1. Inventories	0.4
2. Provision for decline in value of inventories	0.0
V. Other short-term assets	59.4
1. Short-term prepayments	59.4
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)	183.1
I. Long-term receivables	12.4
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	12.4
7. Provision for long-term doubtful debts	0.0
II. Fixed assets	100.4
1. Tangible fixed assets	15.9
- Cost	45.8
- Accumulated depreciation	-30.0
2. Financial leased fixed assets	0.0
- Cost	0.0
- Accumulated depreciation	0.0
3. Intangible fixed assets	84.5
- Cost	111.9
- Accumulated depreciation	-27.4
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	7.7
V. Long-term financial investments	21.0
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	-1.5
5. Held to maturity investments	22.5
6. Other long-term investments	0.0
VI. Other long-term assets	41.6
1. Long-term prepayments	22.1
2. Deferred income tax assets	6.8
3. Long-term equipment, supplies, spare parts	0.0
4. Other long-term assets	12.7
5. Goodwill	0.0
VII. Goodwill (before 2015)	0.0
TOTAL ASSETS (280=100+200)	2,773.7
A. LIABILITIES (300=210+330)	1,845.1
I. Short -term liabilities	1,843.6
1. Short-term trade accounts payable	306.8
2. Short-term advances from customers	0.0
3. Taxes and other payables to state authorities	18.2
4. Payable to employees	14.3
5. Short-term acrrued expenses	21.8
6. Short-term inter-company payables	0.0
7. Construction contract progress payments due to suppliers	0.0
8. Short-term unearned revenue	15.4
9. Other short-term payables	57.2
10. Short-term borrowings and financial leases	0.0
11. Provision for short-term liabilities	0.0
12.. Bonus and welfare fund	0.0
13. Price stabilization fund	0.0
14. Government bonds	0.0
II. Long-term liabilities	1.5
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	1.5
13. Fund for technology development	0.0
14. Provision for severance allowances	0.0
B. OWNER'S EQUITY (400=410+430)	928.6
I. Owner's equity	928.6
1. Owner's capital	600.0
- Common stock with voting right	600.0
- Preferred stock	0.0
2. Share premium	-0.4
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	0.0
8. Investment and development fund	0.0
9. Fund to support corporate restructuring	0.0
10. Other funds from owner's equity	17.8
11. Undistributed earnings after tax	272.2
- Accumulated retained earning at the end of the previous period	0.0
- Undistributed earnings in this period	0.0
12. Reserves for investment in construction	0.0
13. Minority's interest	0.0
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)	2,773.7

Item	Q4'25	Q3'25	Q2'25	Q1'25
Revenue	395.2	376.3	394.6	383.7
Revenue Deductions	0.0	0.0	0.0	0.0
Net Revenue	342.1	310.6	316.6	312.0
Cost of Goods Sold	0.0	0.0	0.0	0.0
Gross Profit	10.1	63.5	62.2	75.6
Financial Income	25.6	16.3	16.6	16.2
Financial Expenses	5.2	1.8	1.6	1.8
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	55.5	52.9	74.8	49.4
Operating Profit	-25.1	25.0	2.3	40.6
Other Income	0.4	0.0	0.0	0.0
Other Expenses	0.7	0.4	0.3	0.1
Other Profit	-0.3	-0.4	-0.3	-0.0
Profit Before Tax	-25.4	24.6	2.1	40.6
Current Income Tax Expense	-3.0	5.3	1.0	8.1
Deferred Income Tax Expense	-1.2	0.0	0.0	0.0
Net Income	-21.3	19.3	1.1	32.5
Non-controlling Interest	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-21.3	19.3	1.1	32.5
Earnings per Share	-354.00	322.00	18.00	541.00
Diluted EPS	-354.73	322.29	18.08	541.10

Item	Q4'25	Q3'25	Q2'25	Q1'25
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	2,590.7	2,370.7	2,459.8	2,146.5
I. Cash and cash equivalents	95.2	126.4	109.0	121.8
1. Cash	70.2	111.4	89.0	101.8
2. Cash equivalents	25.0	15.0	20.0	20.0
II. Short-term financial investments	1,613.5	1,454.8	1,584.7	1,339.6
1. Available for sale securities	1,618.4	1,458.7	1,588.7	1,343.7
2. Provision for diminution in value of available for sale securities (*)	-4.9	-3.9	-4.0	-4.1
3. Held to maturity investments	0.0	0.0	0.0	0.0
III. Short-term receivables	407.2	375.2	378.2	339.1
1. Short-term trade accounts receivable	292.5	269.8	288.8	227.3
2. Short-term prepayments to suppliers	0.0	0.0	0.0	0.0
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	137.2	127.8	112.5	134.7
7. Provision for short-term doubtful debts (*)	-22.5	-22.4	-23.1	-22.8
8. Assets awaiting resolution	0.0	0.0	0.0	0.0
IV. Inventories	0.4	0.4	0.5	0.4
1. Inventories	0.4	0.4	0.5	0.4
2. Provision for decline in value of inventories	0.0	0.0	0.0	0.0
V. Other short-term assets	59.4	55.0	58.5	60.9
1. Short-term prepayments	59.4	55.0	58.5	60.9
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)	183.1	293.6	159.6	375.5
I. Long-term receivables	12.4	12.4	12.2	12.6
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	12.4	12.4	12.2	12.6
7. Provision for long-term doubtful debts	0.0	0.0	0.0	0.0
II. Fixed assets	100.4	102.7	105.1	106.4
1. Tangible fixed assets	15.9	16.3	16.8	16.6
- Cost	45.8	47.2	47.2	46.5
- Accumulated depreciation	-30.0	-30.9	-30.4	-29.9
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	84.5	86.4	88.3	89.8
- Cost	111.9	111.9	111.9	111.6
- Accumulated depreciation	-27.4	-25.5	-23.7	-21.8
III. Investment properties	0.0	7.6	0.0	0.0
- Cost	0.0	0.0	0.0	0.0
- Accumulated depreciation	0.0	7.6	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	7.7	0.0	7.5	7.1
V. Long-term financial investments	21.0	147.0	6.0	215.0
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	-1.5	-1.5	-1.5	-1.5
5. Held to maturity investments	0.0	0.0	0.0	0.0
6. Other long-term investments	22.5	148.5	7.5	216.5
VI. Other long-term assets	41.6	23.8	28.8	34.4
1. Long-term prepayments	22.1	6.0	11.0	16.4
2. Deferred income tax assets	6.8	5.7	5.7	5.7
3. Long-term equipment, supplies, spare parts	0.0	0.0	0.0	0.0
4. Other long-term assets	12.7	12.2	12.2	12.3
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)	2,773.7	2,664.3	2,619.4	2,522.0
A. LIABILITIES (300=210+330)	1,845.1	1,714.4	1,688.8	1,589.3
I. Short -term liabilities	1,843.6	1,711.0	1,685.3	1,585.8
1. Short-term trade accounts payable	306.8	334.0	307.0	272.5
2. Short-term advances from customers	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	18.2	22.2	23.2	20.4
4. Payable to employees	14.3	16.2	14.8	14.8
5. Short-term acrrued expenses	21.8	13.6	41.2	1.5
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	15.4	6.8	5.8	5.7
9. Other short-term payables	57.2	52.5	51.6	51.3
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	0.0	0.0	0.0	0.0
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	1.5	3.3	3.5	3.5
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	0.0	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	1.5	3.3	3.4	3.4
B. OWNER'S EQUITY (400=410+430)	928.6	949.9	930.6	932.7
I. Owner's equity	928.6	949.9	930.6	932.7
1. Owner's capital	600.0	600.0	600.0	600.0
- Common stock with voting right	600.0	600.0	600.0	600.0
- Preferred stock	0.0	0.0	0.0	0.0
2. Share premium	-0.4	-0.4	-0.4	-0.4
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	0.0	0.0	0.0	0.0
8. Investment and development fund	0.0	0.0	0.0	0.0
9. Fund to support corporate restructuring	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	17.8	17.8	17.8	17.8
11. Undistributed earnings after tax	272.2	295.1	275.8	277.9
- Accumulated retained earning at the end of the previous period	0.0	0.0	0.0	0.0
- Undistributed earnings in this period	0.0	0.0	0.0	0.0
12. Reserves for investment in construction	0.0	0.0	0.0	0.0
13. Minority's interest	0.0	0.0	0.0	0.0
14. Financial reserves	0.0	0.0	0.0	0.0
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)	2,773.7	2,664.3	2,619.4	2,522.0

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	-3.7	-3.4	-3.6	-7.5
Other Operating Receipts	36.3	37.9	53.5	48.9
Other Operating Payments	-103.0	-88.9	-83.9	-106.0
Net Cash Flow from Operating Activities	-7.9	22.3	-4.6	24.8
Payments for Fixed Assets and Other Long-term Assets	-0.2	-0.2	-1.4	-4.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	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	187.0	267.0	350.0	563.9
Investments in Other Entities	-217.0	-281.0	-381.0	-637.0
Proceeds from Investments in Other Entities	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	7.2	9.7	24.1	36.2
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	-23.0	-4.5	-8.3	-41.1
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	-0.2	-0.1	-0.1	-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	-0.2	-0.1	-0.1	-0.0
Net Cash Flow During the Period	-31.0	17.7	-12.9	-16.3
Cash and Cash Equivalents at Beginning of Period	126.4	109.0	121.8	137.9
FX Difference from Revaluation	-0.0	0.1	0.5	0.3
Cash and Cash Equivalents at End of Period	95.2	126.4	109.0	121.8

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