ABI

Listed Company · UPCOM

Price

19,800

Latest close

03 Apr 2026

P/E 6.4x

EPS (TTM) 3,101

ROE (TTM) —

P/B 1.1x

BVPS (Latest) 17,338

ROA (TTM) —

What Is Changing

ABI 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 3.0% QoQ to VND 55.6bn in 2025Q4.

Metric	2025
Revenue	2,452.7
Growth	—
Net Income	254.3
Net Margin	10.37%

Metric	Q4'25	Q3'25	Q2'25	Q1'25
Revenue	652.8	609.3	637.7	552.9
Growth	+7%	-4%	+15%	—
Net Income	55.6	54.0	65.3	80.9
Net Margin	8.52%	8.86%	10.24%	14.63%

Financial Statements

Profitability

Net margin reached 10.37% and still needs validation through the next few periods.

Balance Sheet

Inventory stood at 5.8bn, liabilities at 3,016.3bn, and equity at 1,755.6bn.

Cash Flow

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

None

Item	2025
Revenue	2,747.3
Revenue Deductions	0.0
Net Revenue	2,452.7
Cost of Goods Sold	0.0
Gross Profit	779.3
Financial Income	153.4
Financial Expenses	0.1
Interest Expense	0.0
Share of Associates and Joint Ventures	0.0
Selling Expenses	0.0
General and Administrative Expenses	616.2
Operating Profit	316.4
Other Income	2.8
Other Expenses	0.3
Other Profit	2.5
Profit Before Tax	318.8
Current Income Tax Expense	64.5
Deferred Income Tax Expense	0.0
Net Income	254.3
Non-controlling Interest	0.0
Profit Attributable to Parent	254.3
Earnings per Share	1,912.00
Diluted EPS	2,509.26

Item	2025
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	4,615.3
I. Cash and cash equivalents	127.8
1. Cash	107.8
2. Cash equivalents	20.0
II. Short-term financial investments	3,553.8
1. Available for sale securities	3,553.8
2. Provision for diminution in value of available for sale securities (*)	0.0
3. Held to maturity investments	0.0
III. Short-term receivables	272.3
1. Short-term trade accounts receivable	176.7
2. Short-term prepayments to suppliers	22.7
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	75.2
7. Provision for short-term doubtful debts (*)	-2.3
8. Assets awaiting resolution	0.0
IV. Inventories	5.8
1. Inventories	5.8
2. Provision for decline in value of inventories	0.0
V. Other short-term assets	196.1
1. Short-term prepayments	196.1
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)	156.6
I. Long-term receivables	15.4
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	15.4
7. Provision for long-term doubtful debts	0.0
II. Fixed assets	125.0
1. Tangible fixed assets	62.2
- Cost	174.3
- Accumulated depreciation	-112.1
2. Financial leased fixed assets	0.0
- Cost	0.0
- Accumulated depreciation	0.0
3. Intangible fixed assets	62.7
- Cost	71.2
- Accumulated depreciation	-8.5
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	0.0
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	0.0
5. Held to maturity investments	0.0
6. Other long-term investments	0.0
VI. Other long-term assets	16.3
1. Long-term prepayments	16.3
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)	4,772.0
A. LIABILITIES (300=210+330)	3,016.3
I. Short -term liabilities	3,016.3
1. Short-term trade accounts payable	357.5
2. Short-term advances from customers	4.3
3. Taxes and other payables to state authorities	36.9
4. Payable to employees	56.3
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	305.1
9. Other short-term payables	29.5
10. Short-term borrowings and financial leases	0.0
11. Provision for short-term liabilities	0.0
12.. Bonus and welfare fund	51.1
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)	1,755.6
I. Owner's equity	1,755.6
1. Owner's capital	1,013.5
- Common stock with voting right	1,013.5
- Preferred stock	0.0
2. Share premium	28.3
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	273.7
9. Fund to support corporate restructuring	0.0
10. Other funds from owner's equity	0.0
11. Undistributed earnings after tax	355.1
- 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)	4,772.0

Item	Q4'25	Q3'25	Q2'25	Q1'25
Revenue	734.1	689.4	703.5	620.3
Revenue Deductions	0.0	0.0	0.0	0.0
Net Revenue	652.8	609.3	637.7	552.9
Cost of Goods Sold	0.0	0.0	0.0	0.0
Gross Profit	173.0	189.7	211.2	205.4
Financial Income	42.6	39.4	36.6	34.8
Financial Expenses	0.0	0.0	0.0	0.1
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	149.4	161.4	166.4	139.0
Operating Profit	66.2	67.6	81.4	101.1
Other Income	2.3	0.2	0.3	0.0
Other Expenses	0.2	0.1	0.0	0.0
Other Profit	2.1	0.1	0.3	0.0
Profit Before Tax	68.3	67.7	81.7	101.1
Current Income Tax Expense	12.7	13.7	16.4	20.2
Deferred Income Tax Expense	0.0	0.0	0.0	0.0
Net Income	55.6	54.0	65.3	80.9
Non-controlling Interest	0.0	0.0	0.0	0.0
Profit Attributable to Parent	55.6	54.0	65.3	80.9
Earnings per Share	548.74	532.90	902.35	1,117.40
Diluted EPS	548.74	532.90	902.35	1,117.40

Item	Q4'25	Q3'25	Q2'25	Q1'25
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	4,615.3	4,483.7	4,414.6	4,267.1
I. Cash and cash equivalents	127.8	107.0	165.3	121.1
1. Cash	107.8	97.0	110.3	121.1
2. Cash equivalents	20.0	10.0	55.0	0.0
II. Short-term financial investments	3,553.8	3,445.8	3,314.3	3,248.8
1. Available for sale securities	3,553.8	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	0.0	3,445.8	3,314.3	3,248.8
III. Short-term receivables	272.3	291.5	302.8	281.6
1. Short-term trade accounts receivable	176.7	172.7	183.1	159.6
2. Short-term prepayments to suppliers	22.7	29.0	40.6	34.3
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	75.2	92.1	81.3	90.2
7. Provision for short-term doubtful debts (*)	-2.3	-2.3	-2.3	-2.4
8. Assets awaiting resolution	0.0	0.0	0.0	0.0
IV. Inventories	5.8	7.6	11.8	7.0
1. Inventories	5.8	7.6	11.8	7.0
2. Provision for decline in value of inventories	0.0	0.0	0.0	0.0
V. Other short-term assets	196.1	204.1	214.6	205.6
1. Short-term prepayments	196.1	203.8	214.6	205.2
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)	156.6	152.1	153.1	154.5
I. Long-term receivables	15.4	15.2	14.3	14.1
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	15.4	15.2	14.3	14.1
7. Provision for long-term doubtful debts	0.0	0.0	0.0	0.0
II. Fixed assets	125.0	126.1	128.5	129.1
1. Tangible fixed assets	62.2	65.0	67.0	67.4
- Cost	174.3	175.7	175.5	172.6
- Accumulated depreciation	-112.1	-110.7	-108.5	-105.3
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	62.7	61.1	61.4	61.7
- Cost	71.2	69.3	69.3	69.3
- Accumulated depreciation	-8.5	-8.2	-7.9	-7.6
III. Investment properties	0.0	0.0	0.0	0.1
- Cost	0.0	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0	0.1
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	0.0	0.0	0.0	0.0
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	0.0	0.0	0.0	0.0
5. Held to maturity investments	0.0	0.0	0.0	0.0
6. Other long-term investments	0.0	0.0	0.0	0.0
VI. Other long-term assets	16.3	10.8	10.4	11.2
1. Long-term prepayments	16.3	10.8	10.4	11.2
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)	4,772.0	4,635.9	4,567.7	4,421.5
A. LIABILITIES (300=210+330)	3,014.8	2,934.3	2,919.6	2,784.3
I. Short -term liabilities	3,014.8	2,934.3	2,919.6	2,784.3
1. Short-term trade accounts payable	357.5	294.3	325.1	314.3
2. Short-term advances from customers	4.3	7.0	11.5	6.3
3. Taxes and other payables to state authorities	35.4	25.9	26.7	28.6
4. Payable to employees	56.3	71.4	68.8	33.2
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	305.1	304.0	302.4	294.9
9. Other short-term payables	29.5	46.0	50.3	29.6
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	51.1	74.3	84.8	46.9
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	0.0	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	0.0	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)	1,757.2	1,701.6	1,648.1	1,637.3
I. Owner's equity	1,757.2	1,701.6	1,648.1	1,637.3
1. Owner's capital	1,013.5	1,013.5	723.9	723.9
- Common stock with voting right	1,013.5	1,013.5	723.9	723.9
- Preferred stock	0.0	0.0	0.0	0.0
2. Share premium	28.3	28.3	28.3	24.8
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	-2.9
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	273.7	273.7	418.4	418.4
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	356.6	313.8	405.1	400.5
- Accumulated retained earning at the end of the previous period	0.0	113.5	258.9	319.7
- Undistributed earnings in this period	0.0	200.2	146.2	80.9
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)	4,772.0	4,635.9	4,567.7	4,421.5

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	-11.0	-13.6	-16.2	-14.7
Other Operating Receipts	12.0	4.5	17.1	5.1
Other Operating Payments	-47.4	-28.6	-45.6	-63.0
Net Cash Flow from Operating Activities	93.4	37.7	66.1	26.6
Payments for Fixed Assets and Other Long-term Assets	-6.7	-1.3	-2.8	-1.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.2	0.2	-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	229.5	368.5	333.6	141.6
Investments in Other Entities	-337.5	-500.0	-399.2	-233.1
Proceeds from Investments in Other Entities	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	42.0	36.5	40.2	19.3
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	-72.6	-96.1	-28.2	-73.4
Proceeds from Equity Issuance and Capital Contributions	0.0	0.0	6.3	15.6
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	-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	6.3	15.6
Net Cash Flow During the Period	20.8	-58.4	44.2	-31.2
Cash and Cash Equivalents at Beginning of Period	107.0	165.3	121.1	152.3
FX Difference from Revaluation	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	127.8	107.0	165.3	121.1

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