BMI

Listed Company · HOSE

Price

17,250

Latest close

03 Apr 2026

P/E 11.5x

EPS (TTM) 1,500

ROE (TTM) —

P/B 0.9x

BVPS (Latest) 19,461

ROA (TTM) —

What Is Changing

BMI 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 96.8% QoQ to VND 3.6bn in 2025Q4.

Metric	2025
Revenue	5,361.2
Growth	—
Net Income	259.8
Net Margin	4.85%

Metric	Q4'25	Q3'25	Q2'25	Q1'25
Revenue	1,340.1	1,330.8	1,349.8	1,340.4
Growth	+1%	-1%	+1%	—
Net Income	3.6	112.7	81.2	63.1
Net Margin	0.27%	8.47%	6.02%	4.70%

Financial Statements

Profitability

Net margin reached 4.85% and still needs validation through the next few periods.

Balance Sheet

Inventory stood at 4.5bn, liabilities at 4,601.3bn, and equity at 2,929.8bn.

Cash Flow

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

None

Item	2025
Revenue	6,653.9
Revenue Deductions	0.0
Net Revenue	5,361.2
Cost of Goods Sold	0.0
Gross Profit	314.9
Financial Income	318.4
Financial Expenses	123.6
Interest Expense	0.0
Share of Associates and Joint Ventures	0.0
Selling Expenses	0.0
General and Administrative Expenses	217.5
Operating Profit	300.7
Other Income	6.8
Other Expenses	2.0
Other Profit	4.8
Profit Before Tax	305.5
Current Income Tax Expense	47.2
Deferred Income Tax Expense	-1.5
Net Income	259.8
Non-controlling Interest	0.0
Profit Attributable to Parent	259.8
Earnings per Share	1,499.00
Diluted EPS	1,725.61

Item	2025
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	6,482.1
I. Cash and cash equivalents	216.7
1. Cash	216.7
2. Cash equivalents	0.0
II. Short-term financial investments	3,470.5
1. Available for sale securities	332.8
2. Provision for diminution in value of available for sale securities (*)	-325.6
3. Held to maturity investments	3,463.3
III. Short-term receivables	1,026.9
1. Short-term trade accounts receivable	855.6
2. Short-term prepayments to suppliers	5.1
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	491.1
7. Provision for short-term doubtful debts (*)	-324.9
8. Assets awaiting resolution	0.0
IV. Inventories	4.5
1. Inventories	4.5
2. Provision for decline in value of inventories	0.0
V. Other short-term assets	684.4
1. Short-term prepayments	661.0
2. Value added tax to be reclaimed	0.0
3. Taxes and other receivables from state authorities	16.1
4. Government bonds	0.0
5. Other short-term assets	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1,049.0
I. Long-term receivables	14.5
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	14.5
7. Provision for long-term doubtful debts	0.0
II. Fixed assets	244.4
1. Tangible fixed assets	62.3
- Cost	257.9
- Accumulated depreciation	-195.6
2. Financial leased fixed assets	0.0
- Cost	0.0
- Accumulated depreciation	0.0
3. Intangible fixed assets	182.1
- Cost	293.1
- Accumulated depreciation	-111.0
III. Investment properties	147.9
- Cost	181.9
- Accumulated depreciation	-34.0
IV. Long-term assets in progress	0.0
1. Long-term production in progress	0.0
2. Construction in progress	14.2
V. Long-term financial investments	586.8
1. Investments in subsidiaries	0.0
2. Investments in associates, joint-ventures	242.2
3. Investments in other entities	0.0
4. Provision for diminution in value of long-term investments	-3.8
5. Held to maturity investments	290.8
6. Other long-term investments	0.0
VI. Other long-term assets	41.1
1. Long-term prepayments	22.6
2. Deferred income tax assets	18.5
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)	7,531.1
A. LIABILITIES (300=210+330)	4,601.3
I. Short -term liabilities	4,600.0
1. Short-term trade accounts payable	862.9
2. Short-term advances from customers	0.0
3. Taxes and other payables to state authorities	13.4
4. Payable to employees	139.1
5. Short-term acrrued expenses	0.0
6. Short-term inter-company payables	0.0
7. Construction contract progress payments due to suppliers	0.0
8. Short-term unearned revenue	16.7
9. Other short-term payables	88.1
10. Short-term borrowings and financial leases	0.0
11. Provision for short-term liabilities	0.0
12.. Bonus and welfare fund	33.9
13. Price stabilization fund	0.0
14. Government bonds	0.0
II. Long-term liabilities	1.3
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	1.3
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)	2,929.8
I. Owner's equity	2,929.8
1. Owner's capital	1,505.5
- Common stock with voting right	1,505.5
- Preferred stock	0.0
2. Share premium	613.2
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	0.0
11. Undistributed earnings after tax	637.6
- 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	28.1
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)	7,531.1

Item	Q4'25	Q3'25	Q2'25	Q1'25
Revenue	1,615.0	1,656.4	1,725.0	1,657.6
Revenue Deductions	0.0	0.0	0.0	0.0
Net Revenue	1,340.1	1,330.8	1,349.8	1,340.4
Cost of Goods Sold	0.0	0.0	0.0	0.0
Gross Profit	15.4	91.1	101.4	106.9
Financial Income	78.1	120.2	72.9	48.2
Financial Expenses	38.5	32.9	31.6	21.7
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	57.2	54.5	48.2	56.6
Operating Profit	-0.2	126.2	96.8	78.8
Other Income	5.0	0.4	1.4	0.1
Other Expenses	1.2	0.2	0.4	0.2
Other Profit	3.8	0.1	1.0	-0.0
Profit Before Tax	3.6	126.4	97.8	78.8
Current Income Tax Expense	1.8	13.7	16.9	15.0
Deferred Income Tax Expense	-1.8	0.0	-0.4	0.7
Net Income	3.6	112.7	81.2	63.1
Non-controlling Interest	0.0	0.0	0.0	0.0
Profit Attributable to Parent	3.6	112.7	81.2	63.1
Earnings per Share	-194.00	756.00	463.00	475.00
Diluted EPS	23.80	849.75	612.15	475.41

Item	Q4'25	Q3'25	Q2'25	Q1'25
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	6,482.1	6,537.2	6,414.7	6,549.9
I. Cash and cash equivalents	216.7	229.4	251.2	188.6
1. Cash	216.7	229.4	251.2	188.6
2. Cash equivalents	0.0	0.0	0.0	0.0
II. Short-term financial investments	3,470.5	3,577.3	3,426.8	3,422.1
1. Available for sale securities	332.8	369.7	284.0	281.8
2. Provision for diminution in value of available for sale securities (*)	-325.6	-309.0	-313.9	-302.2
3. Held to maturity investments	3,463.3	3,516.6	3,456.6	3,442.6
III. Short-term receivables	1,026.9	941.5	819.7	802.0
1. Short-term trade accounts receivable	855.6	800.2	755.2	823.8
2. Short-term prepayments to suppliers	5.1	4.8	6.5	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	491.1	454.1	372.3	282.3
7. Provision for short-term doubtful debts (*)	-324.9	-317.5	-314.3	-310.4
8. Assets awaiting resolution	0.0	0.0	0.0	0.0
IV. Inventories	4.5	5.1	5.6	5.0
1. Inventories	4.5	5.1	5.6	5.0
2. Provision for decline in value of inventories	0.0	0.0	0.0	0.0
V. Other short-term assets	684.4	690.6	777.0	927.3
1. Short-term prepayments	661.0	667.6	760.5	899.6
2. Value added tax to be reclaimed	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	16.1	11.1	9.6	9.6
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)	1,049.0	1,000.5	1,041.1	1,025.8
I. Long-term receivables	14.5	16.4	19.5	19.6
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	14.5	16.4	19.5	19.6
7. Provision for long-term doubtful debts	0.0	0.0	0.0	0.0
II. Fixed assets	244.4	246.8	247.1	250.7
1. Tangible fixed assets	62.3	64.9	68.3	70.9
- Cost	257.9	257.9	257.9	257.8
- Accumulated depreciation	-195.6	-192.9	-189.6	-187.0
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	182.1	181.9	178.8	179.8
- Cost	293.1	291.6	287.5	287.5
- Accumulated depreciation	-111.0	-109.7	-108.6	-107.6
III. Investment properties	147.9	148.3	148.8	149.2
- Cost	181.9	181.9	181.9	181.9
- Accumulated depreciation	-34.0	-33.6	-33.1	-32.6
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	14.2	14.2	18.2	18.2
V. Long-term financial investments	586.8	537.0	567.0	546.5
1. Investments in subsidiaries	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	242.2	242.2	242.2	242.2
3. Investments in other entities	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	-3.8	-3.6	-3.6	250.0
5. Held to maturity investments	290.8	240.8	270.8	-3.3
6. Other long-term investments	0.0	0.0	0.0	0.0
VI. Other long-term assets	41.1	37.7	40.4	41.6
1. Long-term prepayments	22.6	21.0	23.4	24.6
2. Deferred income tax assets	18.5	16.7	17.0	17.0
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)	7,531.1	7,537.6	7,455.8	7,575.7
A. LIABILITIES (300=210+330)	4,601.3	4,609.6	4,626.9	4,724.5
I. Short -term liabilities	4,600.0	4,608.2	4,625.7	4,723.3
1. Short-term trade accounts payable	862.9	930.9	911.6	768.9
2. Short-term advances from customers	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	13.4	10.7	13.0	17.8
4. Payable to employees	139.1	194.2	114.3	65.6
5. Short-term acrrued expenses	0.0	0.0	0.0	0.0
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	16.7	9.8	8.8	18.5
9. Other short-term payables	88.1	5.1	67.5	133.3
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	33.9	46.1	42.0	10.9
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	1.3	1.3	1.2	1.2
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	1.3	1.3	1.2	1.2
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	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	2,929.8	2,928.1	2,828.8	2,851.3
I. Owner's equity	2,929.8	2,928.1	2,828.8	2,851.3
1. Owner's capital	1,505.5	1,326.4	1,326.4	1,326.4
- Common stock with voting right	1,505.5	1,326.4	1,326.4	1,326.4
- Preferred stock	0.0	0.0	0.0	0.0
2. Share premium	613.2	792.2	792.2	792.2
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	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	637.6	648.7	549.4	571.9
- 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	28.1	132.6	132.6	132.6
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)	7,531.1	7,537.6	7,455.8	7,575.7

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)	15.2	40.3	193.8	-428.1
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	-0.3	-12.6	-15.0	-0.9
Other Operating Receipts	0.0	0.0	0.0	0.0
Other Operating Payments	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	18.1	-131.4	132.3	-268.4
Payments for Fixed Assets and Other Long-term Assets	-4.8	-0.1	-0.1	-0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.3	-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	1,381.0	437.0	322.0	1,031.0
Investments in Other Entities	0.0	215.6	0.0	0.0
Proceeds from Investments in Other Entities	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	190.9	-75.4	29.5	45.6
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	-28.3	110.2	-5.3	11.6
Proceeds from Equity Issuance and Capital Contributions	0.0	0.0	0.0	0.0
Share Repurchases	0.0	0.0	-66.3	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	-66.3	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	0.0	0.0	-66.3	0.0
Net Cash Flow During the Period	-10.3	-21.3	60.7	-256.8
Cash and Cash Equivalents at Beginning of Period	229.1	251.2	188.6	446.1
FX Difference from Revaluation	0.3	0.4	1.3	-0.7
Cash and Cash Equivalents at End of Period	218.7	229.1	251.2	188.6

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