BMS

Listed Company · UPCOM

Price

14,300

Latest close

03 Apr 2026

P/E 12.2x

EPS (TTM) 1,176

ROE (TTM) —

P/B 1.3x

BVPS (Latest) 10,846

ROA (TTM) —

What Is Changing

BMS 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 46.7% QoQ to VND 19.0bn in 2025Q4.

Metric	2025
Revenue	528.6
Growth	—
Net Income	105.7
Net Margin	20.00%

Metric	Q4'25	Q3'25	Q2'25	Q1'25
Revenue	162.5	137.2	142.6	86.4
Growth	+18%	-4%	+65%	—
Net Income	19.0	35.7	62.2	-11.3
Net Margin	11.72%	26.03%	43.67%	-13.02%

Financial Statements

Profitability

Net margin reached 20.00% and still needs validation through the next few periods.

Balance Sheet

Inventory stood at 0.0bn, liabilities at 363.6bn, and equity at 2,211.8bn.

Cash Flow

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

None

Item	2025
Revenue	528.6
Revenue Deductions	0.0
Net Revenue	528.6
Cost of Goods Sold	0.0
Gross Profit	222.3
Financial Income	0.9
Financial Expenses	61.4
Interest Expense	61.4
Share of Associates and Joint Ventures	0.0
Selling Expenses	0.0
General and Administrative Expenses	33.3
Operating Profit	128.5
Other Income	2.9
Other Expenses	0.4
Other Profit	2.5
Profit Before Tax	131.0
Current Income Tax Expense	29.6
Deferred Income Tax Expense	-4.3
Net Income	105.7
Non-controlling Interest	0.0
Profit Attributable to Parent	105.7
Earnings per Share	1,134.00
Diluted EPS	518.48

Item	2025
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,680.8
I. Cash and cash equivalents	277.5
1. Cash	277.5
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	146.0
III. Short-term receivables	3.0
1. Short-term trade accounts receivable	0.0
2. Short-term prepayments to suppliers	0.3
3. Short-term inter-company receivables	0.0
4. Construction contract progress receipts due from customers	0.0
5. Short-term loan receivables	125.7
6. Other short-term receivables	0.0
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	1.7
1. Short-term prepayments	0.5
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)	894.6
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	7.4
1. Tangible fixed assets	4.1
- Cost	12.2
- Accumulated depreciation	-8.1
2. Financial leased fixed assets	0.0
- Cost	0.0
- Accumulated depreciation	0.0
3. Intangible fixed assets	3.4
- Cost	16.1
- Accumulated depreciation	-12.8
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	879.1
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	879.1
6. Other long-term investments	0.0
VI. Other long-term assets	8.1
1. Long-term prepayments	0.7
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)	2,575.4
A. LIABILITIES (300=210+330)	363.6
I. Short -term liabilities	149.9
1. Short-term trade accounts payable	1.0
2. Short-term advances from customers	0.3
3. Taxes and other payables to state authorities	20.8
4. Payable to employees	7.0
5. Short-term acrrued expenses	6.2
6. Short-term inter-company payables	0.0
7. Construction contract progress payments due to suppliers	0.0
8. Short-term unearned revenue	0.1
9. Other short-term payables	2.6
10. Short-term borrowings and financial leases	100.0
11. Provision for short-term liabilities	0.0
12.. Bonus and welfare fund	11.7
13. Price stabilization fund	0.0
14. Government bonds	0.0
II. Long-term liabilities	213.7
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	13.9
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)	2,211.8
I. Owner's equity	2,211.8
1. Owner's capital	2,039.3
- Common stock with voting right	2,039.3
- Preferred stock	0.0
2. Share premium	0.0
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	172.5
- Accumulated retained earning at the end of the previous period	117.1
- Undistributed earnings in this period	55.4
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)	2,575.4

Item	Q4'25	Q3'25	Q2'25	Q1'25
Revenue	162.5	137.2	142.6	86.4
Revenue Deductions	0.0	0.0	0.0	0.0
Net Revenue	162.5	137.2	142.6	86.4
Cost of Goods Sold	0.0	0.0	0.0	0.0
Gross Profit	43.0	66.7	103.2	9.3
Financial Income	0.4	0.1	0.2	0.2
Financial Expenses	10.3	15.6	18.7	16.8
Interest Expense	10.3	15.6	18.7	16.8
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	11.5	7.6	7.5	6.7
Operating Profit	21.6	43.7	77.2	-13.9
Other Income	1.2	0.9	0.8	0.0
Other Expenses	0.2	0.0	0.1	0.1
Other Profit	1.0	0.9	0.7	-0.1
Profit Before Tax	22.6	44.6	77.8	-14.0
Current Income Tax Expense	15.0	0.0	14.6	0.0
Deferred Income Tax Expense	-11.4	8.9	0.9	-2.7
Net Income	19.0	35.7	62.2	-11.3
Non-controlling Interest	0.0	0.0	0.0	0.0
Profit Attributable to Parent	19.0	35.7	62.2	-11.3
Earnings per Share	93.38	452.23	788.65	-158.25
Diluted EPS	93.38	452.23	788.65	-158.25

Item	Q4'25	Q3'25	Q2'25	Q1'25
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,534.7	1,382.2	1,506.8	1,772.6
I. Cash and cash equivalents	277.5	233.9	227.1	387.3
1. Cash	277.5	233.9	77.1	387.3
2. Cash equivalents	0.0	0.0	150.0	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	0.0	0.0	0.0	484.0
III. Short-term receivables	3.0	11.5	10.6	7.0
1. Short-term trade accounts receivable	0.0	0.0	0.0	0.0
2. Short-term prepayments to suppliers	0.3	239.1	442.6	254.0
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	125.7	110.9	74.1	23.7
6. Other short-term receivables	0.0	0.0	0.0	0.0
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	1.7	1.6	2.1	3.8
1. Short-term prepayments	0.5	0.9	1.4	1.8
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	1.3
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)	1,040.7	511.2	500.2	49.4
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	7.4	5.7	6.1	6.3
1. Tangible fixed assets	4.1	3.7	3.9	3.9
- Cost	12.2	11.6	11.6	11.3
- Accumulated depreciation	-8.1	-7.9	-7.7	-7.4
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	3.4	2.1	2.2	2.4
- Cost	16.1	14.6	14.6	14.6
- Accumulated depreciation	-12.8	-12.6	-12.4	-12.2
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	0.0	1.5	0.5	0.5
V. Long-term financial investments	1,025.1	495.0	485.0	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	1,025.1	495.0	485.0	0.0
6. Other long-term investments	0.0	0.0	0.0	0.0
VI. Other long-term assets	8.1	9.0	8.6	42.6
1. Long-term prepayments	0.7	0.8	0.4	0.2
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	8.1
VII. Goodwill (before 2015)	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	2,575.4	1,893.4	2,006.9	1,822.0
A. LIABILITIES (300=210+330)	363.6	946.3	1,095.5	968.7
I. Short -term liabilities	149.9	721.2	1,079.1	953.3
1. Short-term trade accounts payable	1.0	0.3	0.4	0.0
2. Short-term advances from customers	0.3	0.7	1.3	0.8
3. Taxes and other payables to state authorities	20.8	4.9	14.2	2.2
4. Payable to employees	7.0	0.0	0.0	0.0
5. Short-term acrrued expenses	6.2	1.6	37.9	27.6
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	0.1	0.1	0.1	0.1
9. Other short-term payables	2.6	2.5	2.5	2.5
10. Short-term borrowings and financial leases	100.0	700.0	600.0	500.0
11. Provision for short-term liabilities	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	11.7	10.8	12.5	9.8
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	213.7	225.1	16.4	15.4
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	13.9	25.3	16.4	15.4
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)	2,211.8	947.1	911.4	853.3
I. Owner's equity	2,211.8	947.1	911.4	853.3
1. Owner's capital	2,039.3	789.3	789.3	711.1
- Common stock with voting right	2,039.3	789.3	789.3	711.1
- Preferred stock	0.0	0.0	0.0	0.0
2. Share premium	0.0	0.0	0.0	0.0
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	172.5	157.8	122.1	130.9
- Accumulated retained earning at the end of the previous period	117.1	56.7	56.6	69.2
- Undistributed earnings in this period	55.4	101.1	65.5	61.8
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	11.2
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)	2,575.4	1,893.4	2,006.9	1,822.0

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	0.0	0.0	0.0	0.0
Other Operating Receipts	1,872.0	3,186.3	0.0	928.2
Other Operating Payments	-1,445.4	-3,311.4	1,167.2	-1,157.5
Net Cash Flow from Operating Activities	-606.3	119.1	-260.7	-192.1
Payments for Fixed Assets and Other Long-term Assets	-0.6	-1.1	-0.3	-0.7
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	0.2	-0.7	0.8	0.1
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	-0.3	-1.8	0.6	-0.6
Proceeds from Equity Issuance and Capital Contributions	1,250.0	0.0	0.0	0.0
Share Repurchases	0.0	0.0	0.0	0.0
Proceeds from Borrowings	100.0	1,000.0	600.0	500.0
Repayment of Borrowings	-700.0	-1,110.2	-500.0	-426.2
Repayment of Finance Leases	0.0	0.0	0.0	0.0
Dividends Paid	0.3	-0.4	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	650.3	-110.6	100.0	73.8
Net Cash Flow During the Period	43.6	6.8	-160.2	-118.9
Cash and Cash Equivalents at Beginning of Period	233.9	227.1	387.3	506.2
FX Difference from Revaluation	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	277.5	233.9	227.1	387.3

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BMS

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Financial Statements

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Balance Sheet

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