BVS

Listed Company · HNX

Price

26,300

Latest close

03 Apr 2026

P/E 9.9x

EPS (TTM) 2,666

ROE (TTM) —

P/B 0.7x

BVPS (Latest) 36,785

ROA (TTM) —

What Is Changing

BVS 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 61.3% QoQ to VND 31.4bn in 2025Q4.

Metric	2025
Revenue	1,101.2
Growth	—
Net Income	224.8
Net Margin	20.42%

Metric	Q4'25	Q3'25	Q2'25	Q1'25
Revenue	275.9	377.5	269.2	178.6
Growth	-27%	+40%	+51%	—
Net Income	31.4	81.2	71.2	41.1
Net Margin	11.38%	21.50%	26.44%	23.02%

Financial Statements

Profitability

Net margin reached 20.42% and still needs validation through the next few periods.

Balance Sheet

Inventory stood at 0.0bn, liabilities at 4,375.0bn, and equity at 2,657.1bn.

Cash Flow

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

None

Item	2025
Revenue	1,101.2
Revenue Deductions	0.0
Net Revenue	1,101.2
Cost of Goods Sold	0.0
Gross Profit	627.2
Financial Income	3.4
Financial Expenses	169.7
Interest Expense	169.7
Share of Associates and Joint Ventures	0.0
Selling Expenses	0.0
General and Administrative Expenses	195.2
Operating Profit	265.7
Other Income	0.0
Other Expenses	0.7
Other Profit	-0.7
Profit Before Tax	265.0
Current Income Tax Expense	35.7
Deferred Income Tax Expense	4.5
Net Income	224.8
Non-controlling Interest	0.0
Profit Attributable to Parent	224.8
Earnings per Share	2,665.00
Diluted EPS	3,112.60

Item	2025
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	6,479.8
I. Cash and cash equivalents	367.9
1. Cash	367.9
2. Cash equivalents	0.0
II. Short-term financial investments	0.0
1. Available for sale securities	0.0
2. Provision for diminution in value of available for sale securities (*)	0.0
3. Held to maturity investments	787.1
III. Short-term receivables	73.1
1. Short-term trade accounts receivable	0.0
2. Short-term prepayments to suppliers	3.8
3. Short-term inter-company receivables	0.0
4. Construction contract progress receipts due from customers	0.0
5. Short-term loan receivables	4,557.1
6. Other short-term receivables	13.0
7. Provision for short-term doubtful debts (*)	0.0
8. Assets awaiting resolution	0.0
IV. Inventories	0.0
1. Inventories	0.0
2. Provision for decline in value of inventories	0.0
V. Other short-term assets	5.9
1. Short-term prepayments	5.4
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)	552.3
I. Long-term receivables	0.0
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	0.0
7. Provision for long-term doubtful debts	0.0
II. Fixed assets	22.0
1. Tangible fixed assets	14.4
- Cost	58.9
- Accumulated depreciation	-44.5
2. Financial leased fixed assets	0.0
- Cost	0.0
- Accumulated depreciation	0.0
3. Intangible fixed assets	7.7
- Cost	29.0
- Accumulated depreciation	-21.3
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	0.6
V. Long-term financial investments	482.8
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	0.0
5. Held to maturity investments	302.6
6. Other long-term investments	180.2
VI. Other long-term assets	46.9
1. Long-term prepayments	23.6
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)	7,032.1
A. LIABILITIES (300=210+330)	4,375.0
I. Short -term liabilities	4,329.5
1. Short-term trade accounts payable	1.8
2. Short-term advances from customers	4.2
3. Taxes and other payables to state authorities	22.9
4. Payable to employees	117.5
5. Short-term acrrued expenses	39.5
6. Short-term inter-company payables	0.0
7. Construction contract progress payments due to suppliers	0.0
8. Short-term unearned revenue	0.0
9. Other short-term payables	3.0
10. Short-term borrowings and financial leases	4,070.4
11. Provision for short-term liabilities	45.0
12.. Bonus and welfare fund	16.8
13. Price stabilization fund	0.0
14. Government bonds	0.0
II. Long-term liabilities	45.5
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	45.5
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)	2,657.1
I. Owner's equity	2,657.1
1. Owner's capital	722.3
- Common stock with voting right	722.3
- Preferred stock	0.0
2. Share premium	610.3
3. Convertible bond option	0.0
4. Other capital of owners	0.0
5. Treasury shares	-0.5
6. Assets revaluation differences	130.5
7. Foreign exchange differences	0.0
8. Investment and development fund	173.3
9. Fund to support corporate restructuring	0.0
10. Other funds from owner's equity	0.0
11. Undistributed earnings after tax	902.5
- Accumulated retained earning at the end of the previous period	861.4
- Undistributed earnings in this period	41.0
12. Reserves for investment in construction	0.0
13. Minority's interest	0.0
14. Financial reserves	59.4
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)	7,032.1

Item	Q4'25	Q3'25	Q2'25	Q1'25
Revenue	275.9	377.5	269.2	178.6
Revenue Deductions	0.0	0.0	0.0	0.0
Net Revenue	275.9	377.5	269.2	178.6
Cost of Goods Sold	0.0	0.0	0.0	0.0
Gross Profit	140.7	207.5	161.9	117.3
Financial Income	2.6	0.3	0.3	0.2
Financial Expenses	53.2	45.8	36.9	33.8
Interest Expense	53.2	45.8	36.9	33.8
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	51.8	61.4	49.5	32.5
Operating Profit	38.3	100.6	75.8	51.2
Other Income	0.0	0.0	0.0	0.0
Other Expenses	0.4	0.0	0.2	0.2
Other Profit	-0.3	-0.0	-0.2	-0.2
Profit Before Tax	37.9	100.5	75.6	51.0
Current Income Tax Expense	8.4	15.3	3.3	8.7
Deferred Income Tax Expense	-1.9	4.1	1.1	1.2
Net Income	31.4	81.2	71.2	41.1
Non-controlling Interest	0.0	0.0	0.0	0.0
Profit Attributable to Parent	31.4	81.2	71.2	41.1
Earnings per Share	536.00	838.00	739.00	553.00
Diluted EPS	434.84	1,123.71	985.32	569.22

Item	Q4'25	Q3'25	Q2'25	Q1'25
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	6,479.8	6,748.2	5,396.1	5,300.1
I. Cash and cash equivalents	367.9	9.3	140.9	13.9
1. Cash	367.9	9.3	140.9	13.9
2. Cash equivalents	0.0	0.0	0.0	0.0
II. Short-term financial investments	0.0	0.0	0.0	0.0
1. Available for sale securities	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	0.0	0.0	0.0	0.0
3. Held to maturity investments	787.1	992.1	1,140.0	1,230.1
III. Short-term receivables	73.1	71.8	52.6	33.2
1. Short-term trade accounts receivable	0.0	0.0	0.0	0.0
2. Short-term prepayments to suppliers	3.8	4.2	4.8	13.9
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	4,557.1	5,019.7	3,552.9	3,532.0
6. Other short-term receivables	13.0	13.0	15.9	21.5
7. Provision for short-term doubtful debts (*)	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0
IV. Inventories	0.0	0.0	0.0	0.0
1. Inventories	0.0	0.0	0.0	0.0
2. Provision for decline in value of inventories	0.0	0.0	0.0	0.0
V. Other short-term assets	5.9	5.3	7.6	6.4
1. Short-term prepayments	5.4	4.5	6.8	5.8
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)	552.3	572.1	563.1	556.0
I. Long-term receivables	0.0	0.0	0.0	0.0
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	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	0.0	0.0	0.0	0.0
II. Fixed assets	22.0	23.1	24.3	25.5
1. Tangible fixed assets	14.4	15.7	17.0	17.7
- Cost	58.9	59.2	59.1	58.2
- Accumulated depreciation	-44.5	-43.5	-42.0	-40.6
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	7.7	7.4	7.3	7.8
- Cost	29.0	28.2	27.5	27.5
- Accumulated depreciation	-21.3	-20.8	-20.3	-19.8
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	0.6	0.0	0.0	0.0
V. Long-term financial investments	482.8	498.8	485.5	478.8
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	0.0	0.0	0.0	-2.9
5. Held to maturity investments	302.6	309.8	311.3	306.9
6. Other long-term investments	180.2	189.0	174.2	174.9
VI. Other long-term assets	46.9	50.2	53.3	51.7
1. Long-term prepayments	23.6	27.9	31.1	29.4
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)	7,032.1	7,320.3	5,959.3	5,856.1
A. LIABILITIES (300=210+330)	4,375.0	4,630.6	3,378.5	3,338.7
I. Short -term liabilities	4,329.5	4,581.7	3,340.5	3,302.9
1. Short-term trade accounts payable	1.8	5.6	2.1	4.3
2. Short-term advances from customers	4.2	4.6	4.3	23.2
3. Taxes and other payables to state authorities	22.9	31.2	14.2	23.8
4. Payable to employees	117.5	148.3	68.1	28.4
5. Short-term acrrued expenses	39.5	43.6	32.7	26.5
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	0.0	0.0	0.0	0.0
9. Other short-term payables	3.0	3.0	3.0	2.9
10. Short-term borrowings and financial leases	4,070.4	4,318.9	3,191.1	3,178.5
11. Provision for short-term liabilities	45.0	0.0	0.0	0.0
12.. Bonus and welfare fund	16.8	17.6	18.3	8.8
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	45.5	49.0	38.0	35.7
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	45.5	49.0	38.0	35.7
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)	2,657.1	2,689.7	2,580.8	2,517.5
I. Owner's equity	2,657.1	2,689.7	2,580.8	2,517.5
1. Owner's capital	722.3	722.3	722.3	722.3
- Common stock with voting right	722.3	722.3	722.3	722.3
- Preferred stock	0.0	0.0	0.0	0.0
2. Share premium	610.3	610.3	610.3	610.3
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	-0.5	-0.5	-0.5	-0.5
6. Assets revaluation differences	130.5	136.7	108.9	104.4
7. Foreign exchange differences	0.0	0.0	0.0	0.0
8. Investment and development fund	173.3	173.3	173.3	111.4
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	902.5	928.8	847.7	850.8
- Accumulated retained earning at the end of the previous period	861.4	878.0	813.7	831.2
- Undistributed earnings in this period	41.0	50.8	34.0	19.6
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	59.4	59.4	59.4	59.4
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)	7,032.1	7,320.3	5,959.3	5,856.1

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	0.0	0.0	0.0	0.0
Other Operating Receipts	1,619.4	2,640.4	1,356.7	1,393.2
Other Operating Payments	-1,728.1	-2,204.2	-1,272.7	-1,309.8
Net Cash Flow from Operating Activities	496.3	-957.1	146.3	-360.8
Payments for Fixed Assets and Other Long-term Assets	-1.4	-0.8	-0.8	-5.6
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	0.0	0.0	0.0	0.0
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	0.0	0.0	0.0	0.0
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	-1.4	-0.8	-0.8	-5.6
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	2,482.0	2,855.2	2,322.3	1,607.1
Repayment of Borrowings	-2,561.6	-2,028.9	-2,340.8	-1,394.7
Repayment of Finance Leases	0.0	0.0	0.0	0.0
Dividends Paid	-56.6	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	-136.2	826.3	-18.5	212.4
Net Cash Flow During the Period	358.6	-131.6	126.9	-153.9
Cash and Cash Equivalents at Beginning of Period	9.3	140.9	13.9	167.9
FX Difference from Revaluation	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	367.9	9.3	140.9	13.9

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