Individual Clients
Corporate Clients
Positive 2025 earnings were driven by strong growth in the residential real estate segment and profit from joint ventures and associates. We maintain 2026 forecast and end-of-2026 target price of VND 76,600/share and reiterate our Outperform rating.
BCM delivered positive 2025 business results, with revenue reaching VND 6,972 billion (+31% YoY) and NPAT hitting VND 3,516 billion (+47% YoY), fulfilling 142% of the profit plan and 119% of ACBS’s forecast. Growth was primarily driven by:
(1) Real Estate Segment’s revenue reached VND 5,192 billion (+51% YoY), mainly from bulk sales of residential land in Binh Duong and
(2) Profit from joint ventures and associates increased by 35% YoY, to VND 2,628 billion.
Leverage ratios decreased in 2025 but remained significantly higher than the industry median. Total debts at the end of 2025 was flat YoY at VND 23,948 billion, of which bank loans accounted for 34% and bonds for 66%. Net debt/Equity ratio improved from 102.1% to 91.2%, though it remains above the industry median of -13.6%. Similarly, the Net Debt/EBITDA ratio dropped from 11.0x to 8.0x, compared to the industry median of -0.3x.
At the end of 2025, Khanh Hoa province approved BCM to be the main developer of Ninh Xuan 1 industrial park (IP) with a total area of nearly 500 ha and total investment capital of VND4,600 billion. Simultaneously, the joint-venture VSIP was also approved to be the main developer of Ninh Xuan 2 IP with a total area of around 490 ha and a total investment capital of over VND4,000 billion.
Overall, the outlook for the IP segment is improving as the Government is urgently finalizing and issuing a Resolution on the development of the foreign-invested economy and promoting and attracting of large-scale, high-tech FDI projects such as semiconductors, artificial intelligence, and digital technology. We expect BCM and its affiliates—such as VSIP, BWID, and Becamex Binh Phuoc—to benefit from these supportive policies. Conversely, the upward trend in interest rates and tighter credit controls on the real estate sector may pressure the residential real estate outlook in 2026.
We forecast 2026 business results to be flat, with revenue of VND 7,041 billion (+1% YoY) and NPAT of VND 3,616 billion (+3% YoY). We maintain our 2026 year-end target price of VND 76,600/share and reiterate our Outperform recommendation for BCM.
