Analysis of business results & financial statements · Quý 2/2025
▼▼ Declining sharply
Trailing net profit reached 12.9bn, rose 315.9bn compared with the same period last year. Key positives came from lower administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- —
- P/B
- —
- EPS
- 212
- BVPS
- 8,604
- ROE
- 2.5%
- ROA
- 2.4%
- Market price
- —
The current picture
What Is Changing
On a TTM 2024Q4 basis, KPF is under pressure on both revenue and margins simultaneously — profit is near a multi-period low. More notably, most of the profit comes from non-core sources — this needs careful evaluation before concluding on growth quality.
Profit bridge
Vs last year · TTM
- Administrative expenses
- Other
Across periods
A single data point, or a trajectory?
Latest eight quarters · Quý 2/2025
| Metric | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| LNST | 8.0 | -0.1 | 6.6 | -1.6 | -282.0 | 0.1 | -26.1 | 5.1 |
| Net margin | — | — | — | — | — | — | — | — |
Revenue
0bnNet income
8bnInside 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 broadly flat — earnings quality is the factor to watch.
What is driving the margin?
●Track net margin changes and the operating components against the same period last year.
None
- Net Margin
- 101.55% −3475.8pp
- Gross Margin
- None
- SG&A / Revenue
- None
TTM YoY · 2024Q2 -> 2025Q2
Margin support from financial result remains high (145.3% of PBT) — sustainability should be monitored.
Cash Flow
●Is profit converting into cash?
Operating cash flow reached -38.5bn against investing cash flow of 36.9bn (annual cash-flow figures for 2024).
Post-investment cash flow was negative +1.6bn. Financing cash flow was positive 0.0bn.
CFO / net income was 5,14 lần.
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.
Earnings Quality
▼How much income is non-core?
Non-core income reaches 145.3% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at +129.3%, other profit at +16.0% of PBT.
- Non-core / PBT
- 145.3% high
- Net financial / PBT
- 129.3%
- Other profit / PBT
- 16.0%
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
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.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at −0.00x and interest coverage at 12.31x.
Debt maturity and the cash buffer remain the two key areas to monitor.
Some leverage signals are missing, so the current read should be treated as contextual.
- Net Debt / Equity
- −0.00x +0.00x
- Interest Coverage
- 12.31x +516.97x
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2024Q2 -> 2025Q2
Balance Sheet
▼Balance sheet is exceptionally sound — liabilities at 0.03x equity, with a net cash position equivalent to 0.00x equity.
Inventory 0.0bn — 0.00% of total assets, below the materials-group median (13.00%).
Inventory / assets: 0.00% (group median 13.00%)
None
Over the last 12 months, working capital absorbed 220.3bn of cash, mainly because of higher receivables and lower payables.
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 brighter spot is balance-sheet flexibility, with net cash/equity at about −0.00x. Even so, earnings quality still needs closer monitoring because net financial result remains elevated.
- Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.00x of equity.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 5.14x. Even so, net financial result still accounts for 129.3% of PBT, so the earnings mix still needs monitoring.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −100,0% YoY decline or keeps falling.
Whether margins hold around the current 101.55% level or narrow again.
Whether operating cash flow holds its -38.5bn (cumulative for 2024) 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.