Analysis of business results & financial statements · Quý 2/2026
● Maintaining
Trailing net profit reached 6.6bn, rose 1.6bn compared with the same period last year. Key positives came from lower finance costs, lower administrative expenses, and lower selling expenses. Offsetting pressure came mainly from lower gross profit, weaker other profit, and lower financial income. Detailed impact is shown below:
See what is changing ↓- P/E
- 19.10x
- P/B
- 0.19x
- EPS
- 115
- BVPS
- 11,482
- ROE
- 1.0%
- ROA
- 0.8%
- Market price
- 2,200 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, KMR has not moved the needle on revenue, but profitability has edged up slightly — profit is at an all-time high. Notably, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.
Profit bridge
Vs last year · TTM
- Finance costs
- Administrative expenses
- Selling expenses
- Gross profit
- Other profit
- Financial income
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 | 93.3 | 84.3 | 62.7 | 54.4 | 102.3 | 107.7 | 97.6 | 88.2 |
| LNST | 1.7 | 0.2 | 5.2 | -0.5 | 0.5 | 0.7 | 3.8 | 0.0 |
| Net margin | 1.83% | 0.20% | 8.24% | -0.90% | 0.45% | 0.64% | 3.86% | 0.04% |
Revenue
93bnNet income
2bnNet margin
1.83%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 25.6% year on year — not from a single spike: quarterly growth stepped up from −38% to −9%.
0 of the last 4 quarters grew year on year.
- Revenue TTM
- 295bn −25.6%
- Latest quarter YoY
- −9% accelerating
What is driving the margin?
▲Net margin edged up to 2.22%, rising 1.0pp. Core operating signals are improving as Gross margin rose 1.9pp are enough to offset pressure from SG&A / Revenue rose 0.8pp (in addition, Net financial result / Revenue rose 0.7pp added support while Other profit / Revenue fell 0.4pp remained a drag).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 2.22% +1.0pp
- Gross Margin
- 15.53% +1.9pp
- SG&A / Revenue
- 10.07% +0.8pp
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 37.1bn against investing cash flow of -0.6bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +36.6bn. Financing cash flow was negative +44.5bn.
CFO / net income was −5,11 lần.
After spending +47.5bn on fixed-asset investment, the business generated trailing free cash flow of −81.0bn.
Earnings Quality
●How much income is non-core?
Non-core income makes up 28.6% of pre-tax profit — worth monitoring.
Within that, net financial result at −50.0%, other profit at +28.6% of PBT.
- Non-core / PBT
- 28.6% moderate
- Net financial / PBT
- −50.0%
- Other profit / PBT
- 28.6%
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
▼▼Cash conversion cycle lengthened by 128.9 days versus the same period last year. The main moves came from DIO rose 113.5 days, DSO rose 19.8 days, and DPO rose 4.3 days.
Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.
CCC stands at 611.1 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +19.8 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE is broadly flat at 1.0% — the components are offsetting one another.
Is financial risk significant?
Leverage is safe but FCF is negative at 81.0bn due to capex of 47.5bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 0.16x and interest coverage only at 1.45x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 7.3% of debt, and total debt stands at 111.5bn.
- Net Debt / Equity
- 0.16x −0.02x
- Interest Coverage
- 1.45x +0.76x
- Cash / Debt
- 7.3% −1.3pp
- Short-term Debt / Total Debt
- 100.0% +2.0pp
TTM YoY · 2025Q2 -> 2026Q2
Interest coverage is 1.45x, leaving limited room to absorb financing costs.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
Balance Sheet
▼Capital structure is conservative with low leverage — liabilities at 0.25x equity, net debt at 0.16x equity.
Inventory ended the period at 380.1bn, roughly 46.7% of total assets.
Over the last 12 months, working capital absorbed 76.9bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.
In summary
Research synthesis
What this reporting period is showing
The business is balanced but not yet fully stable — some components are moving the right way while others still need monitoring. This is a state to keep watching, with not enough signal to tilt the thesis either way. The next item to monitor is the earnings mix, when non-core contribution is 28.6%. The main risk still sits in leverage and liquidity, with interest coverage at 1.45x.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 28.6% of PBT and CFO / net income currently at −5.11x.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at 1.45x.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −25,6% YoY decline or keeps falling.
Whether margins hold around the current 2.22% level or narrow again.
Whether operating cash flow holds its 37.1bn (cumulative for 2025) level in upcoming periods or weakens.
From one stock to the whole portfolio
Where does this stock stand
among the rest of your investments?
Each stock is only one part of the wider picture. Looking at investments side by side makes their contribution, risks and opportunities across the portfolio clearer.
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.