KKC

Tập Đoàn Thành Thái ·HNX ·2026Q1

▲ Slightly positive

Operating efficiency is improving Net margin 56.15%, +44.15pp YoY

Price

5,700

Latest close

02 Jun 2026

P/E 3.06x

P/B 0.52x

EPS 1,860

BVPS 10,896

ROE 18.5%

ROA 15.4%

Profit Margin 56.2%

Asset Turnover 0.27x

Equity Mult. 1.20x

TTM · Applied to: EPS, ROE, ROA, Net Margin, Asset Turnover, Debt/Equity

What Is Changing

On a TTM 2026Q1 basis, KKC has not accelerated revenue, but profitability is improving more visibly — profit is at an all-time high. However, most of the profit comes from non-core sources — this needs careful evaluation before concluding on growth quality.

	                            
	                                TTM REVENUE
	                            
	                                    VND 17bn
	                                
−72.0%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 10bn
	                                
+30.9%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    105.8%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	18.4	88.6	103.2	226.3	349.6
Growth	-79%	-14%	-54%	-35%	—
Net Income	8.1	6.9	0.3	-32.3	5.7
Net Margin	43.96%	7.78%	0.32%	-14.27%	1.64%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	2.1	0.9	7.5	6.7	3.2	13.5	2.9	41.9	30.3	20.7	15.4	38.6
Growth	+123%	-87%	+11%	+107%	-76%	+368%	-93%	+38%	+46%	+35%	-60%	—
Net Income	1.4	-0.9	9.1	0.0	0.6	6.7	0.1	0.0	0.5	2.9	0.4	-2.6
Net Margin	68.54%	-94.32%	121.94%	0.14%	18.28%	49.80%	2.19%	0.02%	1.54%	13.85%	2.67%	-6.73%

Drivers of KKC's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by higher financial income. Supporting and offsetting drivers:

Financial income ↑ 2.1bn

Selling expenses ↓ 0.8bn

Finance costs ↓ 0.5bn

Gross profit ↓ 0.9bn

Administrative expenses ↑ 0.5bn

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by lower finance costs. Supporting and offsetting drivers:

Finance costs ↓ 0.8bn

Financial income ↓ 0.1bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 16.5% = 12.0% × 0.90 × 1.52

2026Q1 18.5% = 56.2% × 0.27 × 1.20

ROE rose from 16.5% to 18.5% — mainly driven by net margin, despite asset turnover and leverage moving in the opposite direction.

Net margin: 56.2% +44.1pp Asset turnover: 0.27x -0.63x Leverage: 1.20x -0.32x

Is the profit sustainable?

Margins improved (+44.1pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 56.15%, rising 44.1pp. Core operating signals are improving as Gross margin rose 10.7pp are enough to offset pressure from SG&A / Revenue rose 15.1pp (with additional support from Net financial result / Revenue rose 47.0pp).

Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.

Profitability trend

Net Margin 56.15% +44.1pp

Gross Margin 16.75% +10.7pp

SG&A / Revenue 21.64% +15.1pp

Non-core / Revenue 59.41% +47.0pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Financial result accounts for 105.8% of PBT and lifted net margin by 47.0pp — separate the operating contribution from this source.

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.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin — —

Capital Turnover 0.30x −0.89x

Average Invested Capital 58.2bn +6.5bn

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Capital structure is conservative with low leverage — liabilities at 1.09x equity, net debt at 0.01x equity.

Inventory ended the period at 12.1bn, roughly 10.5% of total assets.

Over the last 12 months, working capital released 0.0bn of cash.

Working Capital Drivers

Receivables were broadly stable → neutral CFO: —

Inventories were broadly stable → neutral CFO: —

Payables were broadly stable → neutral CFO: —

Working Capital Efficiency

Track receivable, inventory, and payable turns to judge working-capital efficiency.

Track DSO, DIO, DPO components to evaluate working capital turnover efficiency.

Working Capital Efficiency

Receivables 39.0 days −33.2 days

Inventory — —

Payables — —

Cash Conversion Cycle — —

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.01x and interest coverage at 10.14x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 49.2% of debt, and total debt stands at 0.7bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.01x −0.24x

Interest Coverage 10.14x +4.90x

Cash / Debt 49.2% +44.9pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI 0.09x −7.00x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -98.4bn in 2025, against investing cash flow of 53.3bn.

Post-investment cash flow was negative +45.1bn. Financing cash flow was positive +44.8bn.

CFO / net income was 0.09x.

Track how much investment can be funded internally from operating cash flow.

Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.

Cash Conversion

CFO TTM 0.8bn −51.5bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is operating efficiency, with net margin improving 44.1 pp. Even so, earnings quality still needs closer monitoring because net financial result remains elevated.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 56.15% after expanding 44.1pp versus the same period last year.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 105.8% of PBT and CFO / net income currently at 0.09x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	18.4	88.6	103.2	226.3	349.6
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	18.4	88.6	103.2	226.3	349.6
Cost of Goods Sold	16.2	84.3	97.6	219.8	0.0
Gross Profit	2.1	4.3	5.6	6.5	17.3
Financial Income	11.3	8.8	0.4	5.7	1.4
Financial Expenses	1.8	1.7	1.7	36.9	-1.8
Interest Expense	0.6	1.6	1.7	6.4	-1.7
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	0.5	1.7	2.4	3.9	-4.5
General and Administrative Expenses	3.2	3.3	3.4	4.3	-5.4
Operating Profit	8.0	6.4	-1.5	-32.9	7.0
Other Income	0.1	0.6	1.8	0.6	0.0
Other Expenses	0.0	0.0	0.0	0.0	0.0
Other Profit	0.1	0.5	1.8	0.6	0.3
Profit Before Tax	8.1	6.9	0.3	-32.3	7.2
Current Income Tax Expense	—	0.0	0.0	0.0	-1.5
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	8.1	6.9	0.3	-32.3	5.7
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	8.1	6.9	0.3	-32.3	5.7
Earnings per Share	1,553.00	1,325.00	64.00	-6,212.00	1,225.00
Diluted EPS	1,552.63	1,325.39	63.53	-6,211.74	1,105.07

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	112.0	74.2	49.4	62.5	257.0
I. Cash and cash equivalents	0.5	0.8	0.3	3.2	14.5
1. Cash	0.5	0.8	0.3	3.2	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	110.1	0.0	0.0	0.0	0.0
1. Available for sale securities	111.1	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	-1.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	—	0.0	0.0	0.0	0.0
III. Short-term receivables	0.2	60.0	20.0	26.1	54.8
1. Short-term trade accounts receivable	1.3	15.1	19.8	27.3	0.0
2. Short-term prepayments to suppliers	0.1	1.6	0.0	0.0	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	44.0	0.0	0.0	0.0
6. Other short-term receivables	—	0.5	1.5	0.0	0.0
7. Provision for short-term doubtful debts (*)	-1.3	-1.3	-1.3	-1.3	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	—	12.1	27.0	30.2	52.1
1. Inventories	—	12.1	27.0	30.2	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	1.2	1.3	2.0	3.0	5.8
1. Short-term prepayments	—	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	—	0.0	0.6	1.3	0.0
3. Taxes and other receivables from state authorities	1.2	1.3	1.4	1.6	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	3.3	4.1	20.5	6.4	10.7
I. Long-term receivables	—	0.0	15.3	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	15.3	0.0	0.0
6. Other long-term receivables	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	2.4	3.1	3.9	5.9	6.0
1. Tangible fixed assets	2.4	3.1	3.9	4.6	4.6
- Cost	28.0	28.0	28.0	29.1	0.0
- Accumulated depreciation	-25.6	-24.9	-24.1	-24.5	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	0.0	0.0	1.3	1.4
- Cost	0.7	0.7	0.7	3.2	0.0
- Accumulated depreciation	-0.7	-0.7	-0.7	-1.9	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	—	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	0.0	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	4.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	0.9	1.0	1.3	0.5	0.0
1. Long-term prepayments	0.9	1.0	1.3	0.5	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	0.7
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	115.3	78.3	69.9	68.9	267.7
A. LIABILITIES (300=210+330)	60.1	31.2	28.3	27.7	194.2
I. Short -term liabilities	59.3	30.4	28.3	27.7	194.2
1. Short-term trade accounts payable	1.2	16.9	7.4	4.2	5.1
2. Short-term advances from customers	0.1	0.1	0.1	0.1	29.2
3. Taxes and other payables to state authorities	0.0	0.1	0.0	0.0	0.0
4. Payable to employees	0.5	0.5	0.2	0.0	0.0
5. Short-term acrrued expenses	—	0.0	0.1	0.0	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0	0.0
9. Other short-term payables	0.1	0.1	0.1	0.1	0.0
10. Short-term borrowings and financial leases	56.5	11.7	20.3	22.7	72.6
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.9	1.1	0.0	0.6	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	0.8	0.8	0.0	0.0	0.0
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	0.8	0.8	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	55.2	47.1	41.6	41.2	73.5
I. Owner's equity	55.2	47.1	41.6	41.2	0.0
1. Owner's capital	52.0	52.0	52.0	52.0	73.5
- Common stock with voting right	52,000,000,000.00	52,000,000,000.00	52,000,000,000.00	52,000,000,000.00	52,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	-2.7	-2.7	-2.7	-2.7	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	5.2	5.2	5.2	5.2	5.2
5. Treasury shares	-2,817,747.00	-2,817,747.00	-2,817,747.00	-2,817,747.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	—	0.0	1.3	1.3	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	0.7	-7.4	-14.2	-14.6	22.7
- Accumulated retained earning at the end of the previous period	-7.4	-14.2	-14.6	17.7	17.1
- Undistributed earnings in this period	8.1	6.9	0.3	-32.3	5.7
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	115.3	78.3	69.9	68.9	267.7

Item	2025	2024	2023	2022	2021
Profit Before Tax	—	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	0.0	0.0	0.0	0.0
Interest Expense	—	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	—	0.0	0.0	-0.3	0.0
Other Operating Receipts	2.1	2.5	0.8	0.3	0.0
Other Operating Payments	-0.1	0.0	-0.8	-0.4	0.0
Net Cash Flow from Operating Activities	-98.4	30.6	35.1	127.4	120.1
Payments for Fixed Assets and Other Long-term Assets	—	0.0	0.0	-0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	6.7	0.3
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	-89.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	85.2
Investments in Other Entities	-44.6	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	44.6	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	9.3	7.2	0.0	0.7	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	53.3	-21.5	-15.3	25.4	-3.3
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	104.5	54.0	6.1	587.9	19.6
Repayment of Borrowings	-59.7	-62.5	-28.8	-737.9	-123.9
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0	-7.6
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	44.8	-8.6	-22.7	-150.1	-111.9
Net Cash Flow During the Period	-0.3	0.5	-2.9	2.7	-28.1
Cash and Cash Equivalents at Beginning of Period	0.8	0.3	3.2	0.5	9.7
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	0.5	0.8	0.3	3.2	14.5

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	2.1	0.9	7.5	6.7	3.2	13.5	2.9	41.9	30.3	20.7	15.4	38.6
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	2.1	0.9	7.5	6.7	3.2	13.5	2.9	41.9	30.3	20.7	15.4	38.6
Cost of Goods Sold	1.2	—	6.7	6.5	2.3	12.1	2.2	41.2	28.8	18.2	13.5	39.1
Gross Profit	0.9	0.9	0.8	0.2	0.9	1.4	0.7	0.7	1.5	2.5	1.8	-0.4
Financial Income	0.6	0.4	9.3	1.0	0.7	6.6	0.9	0.8	0.5	0.4	0.0	0.0
Financial Expenses	-0.6	1.0	0.3	0.2	0.3	0.4	0.4	0.4	0.5	0.5	0.0	0.5
Interest Expense	0.2	0.0	0.1	0.2	0.3	0.3	0.4	0.4	0.5	0.5	0.0	0.4
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.1	0.1	0.1	0.1	0.1	0.2	0.5	0.4	0.5	0.5	0.5	0.6
General and Administrative Expenses	0.7	1.0	0.7	0.8	0.7	0.7	0.7	0.7	1.0	0.7	0.9	1.0
Operating Profit	1.3	-0.9	9.0	0.0	0.6	6.7	0.0	0.0	-0.0	1.0	0.4	-2.6
Other Income	0.2	—	0.1	0.0	—	0.0	0.0	0.0	0.5	1.8	0.0	0.0
Other Expenses	—	—	0.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	0.2	—	0.1	0.0	—	-0.0	0.0	-0.0	0.5	1.8	-0.0	-0.0
Profit Before Tax	1.4	-0.9	9.1	0.0	0.6	6.7	0.1	0.0	0.5	2.9	0.4	-2.6
Current Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	1.4	-0.9	9.1	0.0	0.6	6.7	0.1	0.0	0.5	2.9	0.4	-2.6
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	1.4	-0.9	9.1	0.0	0.6	6.7	0.1	0.0	0.5	2.9	0.4	-2.6
Earnings per Share	277.00	-171.00	1,752.00	2.00	114.00	1,292.00	12.00	2.00	90.00	552.00	79.00	-500.00
Diluted EPS	276.97	-171.21	1,752.23	1.75	114.04	1,292.34	12.17	1.73	89.68	551.83	79.06	-499.89

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	56.9	112.0	59.0	62.2	61.7	74.2	59.7	42.7	50.7	64.7	60.4	71.2
I. Cash and cash equivalents	0.3	0.5	0.5	7.4	0.5	0.8	1.0	4.1	0.2	0.3	0.3	0.3
1. Cash	0.3	0.5	0.5	7.4	0.5	0.8	1.0	4.1	0.2	0.3	0.3	0.3
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	110.1	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Available for sale securities	—	111.1	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	-1.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	55.3	0.2	57.3	48.1	47.8	60.0	44.8	22.5	28.5	35.3	30.4	38.5
1. Short-term trade accounts receivable	1.3	1.3	1.3	1.7	2.4	15.1	6.0	21.7	22.0	20.4	29.6	34.9
2. Short-term prepayments to suppliers	0.1	0.1	1.6	1.6	1.6	1.6	1.6	1.0	0.0	0.0	2.0	4.9
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	55.2	—	55.6	44.6	44.6	44.0	37.8	0.0	7.2	14.7	0.0	0.0
6. Other short-term receivables	—	—	—	1.5	0.5	0.5	0.8	1.1	0.6	1.5	0.0	0.0
7. Provision for short-term doubtful debts (*)	-1.3	-1.3	-1.3	-1.3	-1.3	-1.3	-1.3	-1.3	-1.3	-1.3	-1.3	-1.3
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	—	—	—	5.6	12.1	12.1	12.6	14.7	20.5	27.0	27.5	29.7
1. Inventories	—	—	—	5.6	12.1	12.1	12.6	14.7	20.5	27.0	27.5	29.7
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	1.3	1.2	1.2	1.1	1.3	1.3	1.3	1.3	1.4	2.0	2.3	2.6
1. Short-term prepayments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.6	0.9	1.2
3. Taxes and other receivables from state authorities	1.3	1.2	1.2	1.1	1.3	1.3	1.3	1.3	1.4	1.4	1.4	1.4
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	3.1	3.3	3.5	3.7	3.9	4.1	4.4	42.1	20.2	5.2	5.5	5.8
I. Long-term receivables	—	—	—	—	—	0.0	0.0	37.5	15.3	0.0	0.0	0.0
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	37.5	15.3	0.0	0.0	0.0
6. Other long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	2.2	2.4	2.6	2.8	2.9	3.1	3.3	3.5	3.7	3.9	4.0	5.4
1. Tangible fixed assets	2.2	2.4	2.6	2.8	2.9	3.1	3.3	3.5	3.7	3.9	4.0	4.2
- Cost	27.1	—	—	—	—	28.0	28.0	28.0	28.0	29.1	29.1	29.1
- Accumulated depreciation	-24.9	—	—	—	—	-24.9	-24.7	-24.5	-24.3	-25.2	-25.0	-24.9
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	1.2
- Cost	0.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	0.9	0.9	0.9	1.0	1.0	1.0	1.1	1.2	1.3	1.3	1.4	0.3
1. Long-term prepayments	0.9	0.9	0.9	1.0	1.0	1.0	1.1	1.2	1.3	1.3	1.4	0.3
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	60.1	115.3	62.5	65.9	65.7	78.3	64.1	84.8	70.9	69.9	65.9	77.0
A. LIABILITIES (300=210+330)	3.4	60.1	6.4	18.2	17.9	30.8	23.3	44.1	28.9	28.5	27.4	38.8
I. Short -term liabilities	2.7	59.3	5.6	17.4	17.2	30.8	23.3	44.1	28.9	28.5	27.4	38.8
1. Short-term trade accounts payable	0.7	1.2	3.1	3.1	3.6	16.9	4.7	23.2	25.8	7.4	5.8	23.9
2. Short-term advances from customers	0.1	0.1	0.1	2.7	0.1	0.8	0.8	0.1	0.2	0.1	2.3	8.6
3. Taxes and other payables to state authorities	0.0	0.0	0.0	0.5	0.0	0.1	0.0	0.6	0.2	0.0	0.0	0.0
4. Payable to employees	0.1	0.5	0.1	0.1	0.1	0.2	0.4	0.2	0.2	0.2	0.2	0.2
5. Short-term acrrued expenses	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.0	0.1	0.2	0.2	0.2
10. Short-term borrowings and financial leases	0.7	56.5	1.3	10.0	12.2	11.7	16.2	18.9	2.3	20.3	18.7	5.6
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.9	0.9	0.9	1.0	1.0	1.1	1.1	1.1	0.0	0.2	0.2	0.3
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	0.8	0.8	0.8	0.8	0.8	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	0.8	0.8	0.8	0.8	0.8	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	56.7	55.2	56.1	47.7	47.7	47.5	40.8	40.7	42.0	41.4	38.5	38.2
I. Owner's equity	56.7	55.2	56.1	47.7	47.7	47.5	40.8	40.7	42.0	41.4	38.5	38.2
1. Owner's capital	52.0	52.0	52.0	52.0	52.0	52.0	52.0	52.0	52.0	52.0	52.0	52.0
- Common stock with voting right	52,000,000,000.00	52,000,000,000.00	52,000,000,000.00	52,000,000,000.00	52,000,000,000.00	52,000,000,000.00	52,000,000,000.00	52,000,000,000.00	52,000,000,000.00	52,000,000,000.00	52,000,000,000.00	52,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	-2.7	-2.7	-2.7	-2.7	-2.7	-2.7	-2.7	-2.7	-2.7	-2.7	-2.7	-2.7
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	5.2	5.2	5.2	5.2	5.2	5.2	5.2	5.2	5.2	5.2	5.2	5.2
5. Treasury shares	-2,817,747.00	-2,817,747.00	-2,817,747.00	-2,817,747.00	-2,817,747.00	-2,817,747.00	-2,817,747.00	-2,817,747.00	-2,817,747.00	-2,817,747.00	-2,817,747.00	-2,817,747.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	—	—	—	—	—	0.0	0.0	0.0	1.3	1.3	1.3	1.3
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	2.2	0.7	1.6	-6.8	-6.8	-7.0	-13.7	-13.8	-13.8	-14.4	-17.3	-17.7
- Accumulated retained earning at the end of the previous period	0.7	-7.4	-7.4	-7.4	-7.4	-14.2	-14.2	-14.2	-14.2	-14.6	-14.6	-14.6
- Undistributed earnings in this period	1.4	8.1	9.0	0.6	0.6	7.3	0.5	0.5	0.5	0.1	-2.7	-3.1
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	60.1	115.3	62.5	65.9	65.7	78.3	64.1	84.8	70.9	69.9	65.9	77.0

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Receipts	111.3	—	—	—	—	49.6	-0.3	-1.7	2.0	0.8	0.0	-0.0
Other Operating Payments	-110.6	160.8	-160.4	-12.4	11.8	-79.6	0.3	0.3	-0.6	-0.8	0.6	-0.2
Net Cash Flow from Operating Activities	111.3	-125.1	18.5	-3.9	12.0	65.4	-44.3	19.2	25.1	35.1	-14.1	16.8
Payments for Fixed Assets and Other Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	—	44.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.6	0.5	8.0	0.7	0.0	5.7	-2.0	2.0	0.0	0.0	-0.0	0.0
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-54.5	56.1	-3.0	0.7	-0.6	-23.0	20.2	-13.0	-7.2	-15.3	-0.0	0.0
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	1.0	69.1	23.2	12.2	—	20.6	0.0	0.0	0.0	6.1	-5.6	5.2
Repayment of Borrowings	-57.9	-0.2	-45.6	-2.2	-11.7	-62.5	20.3	-2.3	-18.0	-28.8	22.7	-22.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-56.9	68.9	-22.4	10.0	-11.7	-41.9	20.3	-2.3	-18.0	-22.7	17.0	-16.8
Net Cash Flow During the Period	-0.1	-0.1	-6.9	6.9	-0.3	0.5	-3.8	3.9	-0.1	-2.9	2.9	0.0
Cash and Cash Equivalents at Beginning of Period	0.5	0.5	7.4	0.5	0.8	0.3	0.0	0.3	0.3	3.2	0.0	3.2
FX Difference from Revaluation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	0.3	0.5	0.5	7.4	0.5	0.8	0.0	4.1	0.2	0.3	0.0	0.3

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KKC

What Is Changing

Drivers of KKC's profit

Financial Highlights

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What is driving the margin? ▲▲

Is capital being used efficiently?

Is capital being deployed efficiently? ●

Balance Sheet ●

Working Capital Efficiency ●

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Leverage & Liquidity ▲

Cash Flow ●

Investment Takeaway

Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow