KIP

Listed Company · UPCOM

Price

12,400

Latest close

01 Apr 2026

P/E —

EPS (TTM) —

ROE (TTM) 8.3%

P/B —

BVPS (Latest) —

ROA (TTM) 5.6%

What Is Changing

KIP no longer looks like a business simply rebounding from a weak base. Revenue posted +13.4% YoY, while net margin reached 3.65% with an additional +0.8pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Margin expanded consistently from 1.68% in 2023 to 3.65% in 2025.
Revenue growth accelerated to 13.4% in 2025, up 16.6pp versus the prior year.
Net Income reached a multi-period high at VND 15.5bn in 2025.

Metric	2025	2024	2023	2022
Revenue	424.6	374.5	387.1	354.3
Growth	+13%	-3%	+9%	—
Net Income	15.5	10.8	6.5	12.5
Net Margin	3.65%	2.89%	1.68%	3.54%

Financial Statements

Profitability

Net margin reached 3.65% while Revenue posted +13.4% YoY.

Balance Sheet

Inventory stood at 157.1bn, liabilities at 102.3bn, and equity at 188.4bn.

Cash Flow

Operating cash flow was 20.0bn in 2025, while investing cash flow was -26.5bn.

Financing cash flow: 11.9bn.

Item	2025	2024	2023	2022
Revenue	425.7	376.3	388.6	356.6
Revenue Deductions	1.1	1.8	1.6	2.3
Net Revenue	424.6	374.5	387.1	354.3
Cost of Goods Sold	351.4	317.7	336.0	298.0
Gross Profit	73.2	56.9	51.0	56.3
Financial Income	0.7	0.7	0.9	0.9
Financial Expenses	3.0	3.3	6.7	5.8
Interest Expense	3.0	3.3	6.7	5.5
Share of Associates and Joint Ventures	—	0.0	0.0	0.0
Selling Expenses	22.8	16.6	14.4	13.0
General and Administrative Expenses	28.8	24.2	22.1	22.8
Operating Profit	19.3	13.5	8.7	15.7
Other Income	0.5	0.4	0.1	0.1
Other Expenses	0.1	0.1	0.4	0.0
Other Profit	0.3	0.2	-0.3	0.1
Profit Before Tax	19.7	13.7	8.4	15.8
Current Income Tax Expense	4.2	2.9	1.9	3.2
Deferred Income Tax Expense	—	0.0	0.0	0.0
Net Income	15.5	10.8	6.5	12.5
Non-controlling Interest	—	0.0	0.0	0.0
Profit Attributable to Parent	15.5	10.8	6.5	12.5
Earnings per Share	1,582.00	1,103.00	663.00	1,280.00
Diluted EPS	1,581.79	1,103.05	663.35	1,279.80

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	209.7	199.6	207.0	234.7
I. Cash and cash equivalents	10.1	4.7	12.2	16.0
1. Cash	5.0	2.7	4.7	1.6
2. Cash equivalents	5.1	2.0	7.5	14.4
II. Short-term financial investments	4.0	7.0	6.7	2.3
1. Available for sale securities	—	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0
3. Held to maturity investments	4.0	7.0	6.7	2.3
III. Short-term receivables	38.2	31.7	44.1	39.4
1. Short-term trade accounts receivable	27.8	30.1	30.0	36.9
2. Short-term prepayments to suppliers	14.0	6.0	17.8	6.2
3. Short-term inter-company receivables	—	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0
6. Other short-term receivables	0.2	0.3	0.3	0.3
7. Provision for short-term doubtful debts (*)	-3.8	-4.7	-4.0	-4.0
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	157.1	155.4	143.8	175.9
1. Inventories	163.6	156.9	144.0	176.8
2. Provision for decline in value of inventories	-6.5	-1.4	-0.2	-0.9
V. Other short-term assets	0.3	0.8	0.2	1.1
1. Short-term prepayments	0.3	0.8	0.2	1.1
2. Value added tax to be reclaimed	—	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	81.1	62.2	73.0	79.3
I. Long-term receivables	6.8	0.2	0.2	0.3
1. Long-term trade receivables	—	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0
5. Long-term loan receivables	6.6	0.0	0.0	0.0
6. Other long-term receivables	0.3	0.2	0.2	0.3
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	56.9	61.7	72.5	78.9
1. Tangible fixed assets	56.4	61.2	71.7	77.8
- Cost	207.1	202.0	201.7	196.3
- Accumulated depreciation	-150.7	-140.8	-130.0	-118.5
2. Financial leased fixed assets	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
3. Intangible fixed assets	0.6	0.6	0.8	1.1
- Cost	2.1	2.1	2.1	2.1
- Accumulated depreciation	-1.6	-1.6	-1.3	-1.1
III. Investment properties	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
IV. Long-term assets in progress	17.1	0.1	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	17.1	0.1	0.0	0.0
V. Long-term financial investments	—	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0
VI. Other long-term assets	0.2	0.2	0.2	0.2
1. Long-term prepayments	0.2	0.2	0.2	0.2
2. Deferred income tax assets	—	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0
5. Goodwill	—	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	290.8	261.8	280.0	314.0
A. LIABILITIES (300=210+330)	102.3	77.1	96.1	124.2
I. Short -term liabilities	72.0	67.5	83.8	110.6
1. Short-term trade accounts payable	26.4	23.6	22.2	19.4
2. Short-term advances from customers	0.2	0.9	0.3	1.1
3. Taxes and other payables to state authorities	1.4	3.6	1.6	1.9
4. Payable to employees	8.9	7.2	3.5	6.9
5. Short-term acrrued expenses	0.1	0.1	0.1	1.3
6. Short-term inter-company payables	—	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0
9. Other short-term payables	1.1	1.0	1.1	1.1
10. Short-term borrowings and financial leases	29.6	28.9	51.7	76.0
11. Provision for short-term liabilities	1.4	0.0	0.0	0.0
12.. Bonus and welfare fund	2.9	2.2	3.3	2.8
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	30.3	9.6	12.3	13.6
1. Long-term trade payables	—	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0
7. Other long-term liabilities	0.8	1.1	1.1	1.2
8. Long-term borrowings and financial leases	29.5	8.5	11.2	12.4
9. Convertible bonds	—	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.0	0.0	0.0
11. Deferred income tax liabilities	—	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	188.4	184.7	183.8	189.9
I. Owner's equity	188.4	184.7	183.8	189.9
1. Owner's capital	98.0	98.0	98.0	98.0
- Common stock with voting right	98.0	98.0	98.0	98.0
- Preferred stock	—	0.0	0.0	0.0
2. Share premium	51.0	51.0	51.0	51.0
3. Convertible bond option	—	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0
5. Treasury shares	—	0.0	0.0	0.0
6. Assets revaluation differences	—	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0
8. Investment and development fund	23.9	24.9	26.3	26.3
9. Fund to support corporate restructuring	—	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0
11. Undistributed earnings after tax	15.5	10.8	8.5	14.5
- Accumulated retained earning at the end of the previous period	—	0.0	2.0	2.0
- Undistributed earnings in this period	15.5	10.8	6.5	12.5
12. Reserves for investment in construction	—	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	290.8	261.8	280.0	314.0

Item	2025	2024	2023	2022
Profit Before Tax	—	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	0.0	0.0	0.0
Provision (Increase)/Reversal	—	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	0.0	0.0	0.0
Interest Expense	—	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	—	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	0.0	0.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	0.0
Corporate Income Tax Paid	-6.3	-0.7	-2.0	-4.1
Other Operating Receipts	0.3	0.4	0.5	2.1
Other Operating Payments	-25.3	-25.6	-28.7	-22.3
Net Cash Flow from Operating Activities	20.0	26.8	41.4	-19.0
Payments for Fixed Assets and Other Long-term Assets	-24.1	-2.2	-7.0	-3.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.6	0.1	0.1	0.1
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0
Dividends and Interest Income Received	0.7	0.7	0.9	0.9
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-26.5	-1.1	-10.4	-4.5
Proceeds from Equity Issuance and Capital Contributions	—	0.0	0.0	0.0
Share Repurchases	—	0.0	0.0	0.0
Proceeds from Borrowings	125.1	115.6	166.9	205.5
Repayment of Borrowings	-103.4	-141.1	-192.4	-181.1
Repayment of Finance Leases	—	0.0	0.0	0.0
Dividends Paid	-9.8	-7.5	-9.4	-6.9
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	11.9	-33.1	-34.9	17.6
Net Cash Flow During the Period	5.4	-7.4	-3.8	-5.9
Cash and Cash Equivalents at Beginning of Period	4.7	12.2	16.0	21.9
FX Difference from Revaluation	—	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	10.1	4.7	12.2	16.0

Item	Q4'25
Corporate Income Tax Paid	-6.3
Other Operating Payments	-25.3
Net Cash Flow from Operating Activities	20.0
Payments for Fixed Assets and Other Long-term Assets	-24.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.6
Dividends and Interest Income Received	0.7
Net Cash Flow from Investing Activities	-26.5
Proceeds from Borrowings	125.1
Repayment of Borrowings	-103.4
Dividends Paid	-9.8
Net Cash Flow from Financing Activities	11.9
Net Cash Flow During the Period	5.4
Cash and Cash Equivalents at Beginning of Period	4.7
Cash and Cash Equivalents at End of Period	10.1

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KIP

What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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