Analysis of business results & financial statements · Quý 2/2026
▲ Slightly positive
Trailing net profit reached 45.1bn, fell 4.8bn compared with the same period last year. Key positives came from better other profit, lower finance costs, lower selling expenses, and higher financial income. Offsetting pressure came mainly from lower gross profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 3.90x
- P/B
- 0.74x
- EPS
- 3,073
- BVPS
- 16,258
- ROE
- 19.5%
- ROA
- 12.1%
- Market price
- 12,000 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, KHS shows mild improvement in both revenue and margins, but the magnitude of change is narrow — margins have been expanding consistently over multiple periods. This signal only becomes convincing if the improvement widens in coming periods.
Profit bridge
Vs last year · TTM
- Other profit
- Finance costs
- Selling expenses
- Financial income
- Gross profit
- Other
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 | 205.1 | 187.0 | 184.8 | 169.2 | 185.5 | 184.4 | 155.7 | 185.4 |
| LNST | 20.3 | 9.1 | 8.3 | 7.4 | 11.3 | 21.1 | 4.7 | 5.1 |
| Net margin | 9.90% | 4.89% | 4.47% | 4.36% | 6.06% | 11.44% | 3.01% | 2.75% |
Revenue
205bnNet income
20bnNet margin
9.90%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?
Margins are improving and earnings quality is solid — a durable foundation for ROE.
Revenue Growth
●Is growth real and durable?
Trailing-12-month revenue grew 4.9% year on year — not from a single spike: quarterly growth stepped up from −9% to +11%.
3 of the last 4 quarters grew year on year.
- Revenue TTM
- 746bn +4.9%
- Latest quarter YoY
- +11% accelerating
What is driving the margin?
●Net margin stands at 6.04%, 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
- 6.04% +0.1pp
- Gross Margin
- 9.87% −4.3pp
- SG&A / Revenue
- 3.53% −0.6pp
TTM YoY · 2025Q2 -> 2026Q2
Cash Flow
▲▲Is profit converting into cash?
With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 22.9bn against investing cash flow of 0.4bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +23.2bn. Financing cash flow was negative +50.7bn.
CFO / net income was 2,07 lần.
After spending +2.5bn on fixed-asset investment, the business generated trailing free cash flow of +90.7bn.
Earnings Quality
▲How much income is non-core?
About 94% of pre-tax profit comes from core operations.
Within that, net financial result at −7.3%, other profit at +5.5% of PBT.
- Non-core / PBT
- 5.5% low
- Net financial / PBT
- −7.3%
- Other profit / PBT
- 5.5%
Is capital being used efficiently?
Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.
Is capital being deployed efficiently?
●Track how much operating profit the business generates on invested capital.
Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 8.4 days versus the same period last year. The main moves came from DIO fell 17.2 days, DSO rose 1.4 days, and DPO fell 7.3 days.
Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.
DSO increased by +1.4 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 18.7% to 19.5% — mainly driven by asset turnover, despite leverage moving in the opposite direction.
Is financial risk significant?
Financial risk is low — leverage is safe, both CFO and FCF are positive.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at 0.13x and interest coverage at 6.17x.
At present, short-term debt accounts for 60.6% of total debt, cash equals 39.2% of debt, and total debt stands at 49.0bn.
- Net Debt / Equity
- 0.13x −0.37x
- Interest Coverage
- 6.17x +2.51x
- Cash / Debt
- 39.2% +30.8pp
- Short-term Debt / Total Debt
- 60.6% −24.6pp
TTM YoY · 2025Q2 -> 2026Q2
Short-term debt accounts for 60.6% of total debt, raising near-term refinancing needs.
Balance Sheet
▲Capital structure is conservative with low leverage — liabilities at 0.67x equity, net debt at 0.13x equity.
Inventory ended the period at 188.6bn, roughly 46.3% of total assets.
Over the last 12 months, working capital released 29.7bn of cash, mainly thanks to lower inventories and higher payables. Pressure from higher receivables only partly offset that benefit.
In summary
Research synthesis
What this reporting period is showing
The investment case still leans positive, but the improvement right now comes mainly from cash flow, even though margin is roughly flat. Notably, the improvement in cash flow has been confirmed across multiple cycles. Even so, capital efficiency remains the area to verify in upcoming periods.
- Improvement: leverage pressure is easing, with net debt / equity down 0.37x to 0.13x while interest coverage holds at 6.17x.
- Watchpoint: Capital efficiency needs cycle context.
What to verify next
Questions for the next period
Whether revenue sustains its +4,9% YoY pace or begins to slow.
Whether margins hold around the current 6.04% level or narrow again.
Whether operating cash flow holds its 22.9bn (cumulative for 2025) level in upcoming periods or weakens.
From one stock to the whole portfolio
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among the rest of your investments?
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How much does this stock
contribute to the portfolio?
Its weight and influence across the assets held for investment.
Is the portfolio
well balanced?
How holdings, sectors and asset groups are distributed in relation to overall risk.
What other opportunities
or risks may be present?
What becomes visible only when investments are viewed together rather than one ticker at a time.