2025 Revenue Forecast Surpasses VND 40 Trillion
In the first half of 2025, BVH recorded a total net revenue of VND 20,635 billion, a 5.2% increase compared to the same period last year, with post-tax profit reaching VND 1,390 billion, a significant 31% surge. In Q2/2025 alone, post-tax profit hit VND 705 billion, soaring 60.7% year-over-year, driven by stable insurance premiums, improved profit margins, and effective financial investment activities.
As we enter the second half of the year, BVH’s outlook remains positive. The life insurance segment is expected to recover more robustly, thanks to gradually increasing new premiums from standardized sales processes. Meanwhile, the non-life insurance segment benefits from growing demand for health and property insurance amid vibrant economic activity. Additionally, the digital transformation strategy plays a pivotal role, helping BVH optimize costs and enhance customer experience, thereby solidifying its leading position in Vietnam’s insurance market.
The author forecasts that full-year 2025 revenue will reach nearly VND 42 trillion, with net profit at approximately VND 2.8 trillion, representing growth rates of 5% and 31%, respectively, compared to the previous year.
Business Performance of BVH from 2020 to 2025F. Unit: Billion VND
Source: BVH
Stock Valuation
Given BVH’s leading position in Vietnam’s insurance industry, there are no direct comparables among stocks listed on HOSE, HNX, or UPCoM. Therefore, using domestic stocks as peers for valuation would not be reasonable or comprehensive.
The author employs Asian insurance companies as the basis for valuing BVH’s shares. These companies are primarily from China, India, Japan, Indonesia, Thailand, and Malaysia.
Source: Investing.com
Using Market Multiple Models (P/E, P/B) combined with the Residual Income Model (RIM) in equal weights, the fair value of BVH is estimated at VND 68,563 per share. Thus, BVH’s current market price presents an attractive entry point for long-term investment.
Enterprise Analysis Department, Vietstock Advisory Division
– 09:43 23/09/2025
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