Analysis of business results & financial statements · Quý 2/2026
▲ Slightly positive
Trailing net profit reached 12.9bn, rose 6.1bn compared with the same period last year. Key positives came from lower finance costs, lower selling expenses, lower tax, and better other profit. Offsetting pressure came mainly from lower gross profit, lower financial income, and higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 10.81x
- P/B
- —
- EPS
- 509
- BVPS
- —
- ROE
- 4.8%
- ROA
- 1.1%
- Market price
- 5,500 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, KGM is still improving profit despite revenue not recovering, suggesting cost efficiency or the earnings mix is aiding current results — profit is at an all-time high. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.
Profit bridge
Vs last year · TTM
- Finance costs
- Selling expenses
- Tax
- Other profit
- Gross profit
- Financial income
- Administrative expenses
Across periods
A single data point, or a trajectory?
Latest eight quarters · Quý 2/2026
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,474.6 | 628.2 | 777.2 | 1,140.9 | 1,943.1 | 1,370.3 | 1,818.4 | 1,671.6 |
| LNST | 4.8 | 4.5 | 0.2 | 3.4 | 7.2 | 3.7 | -5.2 | 1.2 |
| Net margin | 0.33% | 0.72% | 0.02% | 0.30% | 0.37% | 0.27% | -0.29% | 0.07% |
Revenue
1,475bnNet income
5bnNet margin
0.33%Inside the statements
A closer look at what is happening inside the business
A company's statements are read with the questions that fit its type of business.
Is the profit sustainable?
Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.
Revenue Growth
▼▼Is growth real and durable?
Trailing-12-month revenue declined 40.9% year on year — not from a single spike: quarterly growth stepped up from −32% to −24%.
0 of the last 4 quarters grew year on year.
- Revenue TTM
- 4,021bn −40.9%
- Latest quarter YoY
- −24% accelerating
What is driving the margin?
●Net margin stands at 0.32%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.
Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.
- Net Margin
- 0.32% +0.2pp
- Gross Margin
- 12.21% +3.4pp
- SG&A / Revenue
- 11.58% +3.9pp
TTM YoY · 2025Q2 -> 2026Q2
Cash Flow
▼▼Is profit converting into cash?
Leverage needs watching — cash flow shows the ability to service debt from operations. Operating cash flow reached 568.9bn against investing cash flow of -15.2bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +553.7bn. Financing cash flow was negative +512.7bn.
CFO / net income was −16,16 lần.
After spending +13.1bn on fixed-asset investment, the business generated trailing free cash flow of −222.2bn.
Earnings Quality
▲How much income is non-core?
About 93% of pre-tax profit comes from core operations.
Within that, net financial result at −40.0%, other profit at +7.3% of PBT.
- Non-core / PBT
- 7.3% low
- Net financial / PBT
- −40.0%
- Other profit / PBT
- 7.3%
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
▲ROIC edged up to 1.22%, rising 0.6pp. That translates to 1.22 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 0.2pp, with capital turnover fell 1.82x; while invested capital contracted by 168bn.
NOPAT margin led the improvement, but the ROIC level has not yet cleared typical cost of capital — margin needs to hold in coming periods rather than being a one-period rebound.
ROIC is currently 1.22% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 24.5 days versus the same period last year. The main moves came from DIO rose 9.8 days, DSO rose 13.6 days, and DPO fell 1.0 days.
All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.
CCC is up by +24.5 days, indicating weaker working-capital turnover versus the prior year.
DSO increased by +13.6 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 2.5% to 4.8% — mainly driven by net margin, despite asset turnover and leverage moving in the opposite direction.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 3.04x and interest coverage only at 0.59x.
At present, short-term debt accounts for 99.6% of total debt, cash equals 8.8% of debt, and total debt stands at 902.5bn.
- Net Debt / Equity
- 3.04x +0.84x
- Interest Coverage
- 0.59x +0.41x
- Cash / Debt
- 8.8% −4.8pp
- Short-term Debt / Total Debt
- 99.6% −0.2pp
TTM YoY · 2025Q2 -> 2026Q2
Net debt / equity stands at 3.04x, increasing balance-sheet pressure.
Interest coverage is 0.59x, leaving limited room to absorb financing costs.
Balance Sheet
▼▼Leverage is very high, with clear pressure on the capital structure — liabilities at 1.40x equity, net debt at 3.04x equity.
Inventory ended the period at 233.2bn, roughly 35.5% of total assets.
Over the last 12 months, working capital absorbed 233.7bn of cash, mainly because of higher receivables and higher inventories.
In summary
Research synthesis
What this reporting period is showing
The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The next item to monitor is effective tax rate looks unusual, with effective tax rate at 31.8%. The main risk still sits in capital efficiency remains weak, with ROIC at 1.2%.
- Watchpoint: the effective tax rate looks unusual, so current net profit may not fully reflect underlying earnings quality.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −40,9% YoY decline or keeps falling.
Whether margins hold around the current 0.32% level or narrow again.
Whether operating cash flow holds its 568.9bn (cumulative for 2025) level in upcoming periods or weakens.
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