Analysis of business results & financial statements · Quý 1/2026
▲ Showing improvement
Trailing net profit reached 11.0bn, rose 4.3bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from higher administrative expenses, lower financial income, and higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 7.44x
- P/B
- 0.94x
- EPS
- 1,721
- BVPS
- 13,654
- ROE
- 13.8%
- ROA
- 4.2%
- Market price
- 12,800 15 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, KST is maintaining revenue growth, but margins have not improved proportionally — profit is at an all-time high. What is still missing is the ability to convert top-line growth into better profitability.
Profit bridge
Vs last year · TTM
- Gross profit
- Administrative expenses
- Financial income
- Tax
Across periods
A single data point, or a trajectory?
Latest eight quarters · Quý 1/2026
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 19.7 | 124.0 | 507.6 | 48.5 | 23.0 | 162.0 | 50.2 | 44.4 |
| LNST | 0.2 | 2.5 | 8.6 | -0.3 | 0.5 | 3.0 | 2.3 | 0.9 |
| Net margin | 1.04% | 2.03% | 1.70% | -0.62% | 2.29% | 1.88% | 4.56% | 2.02% |
Revenue
20bnNet income
0bnNet margin
1.04%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 narrowed but earnings quality remains clean — pressure is mainly operational.
What is driving the margin?
▼Net margin narrowed to 1.58%, falling 0.8pp. The main pressure is Gross margin fell 3.8pp, outweighing the improvement in SG&A / Revenue fell 4.6pp (in addition, Other profit / Revenue rose 0.1pp added support while Net financial result / Revenue fell 1.9pp remained a drag).
Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.
- Net Margin
- 1.58% −0.8pp
- Gross Margin
- 5.89% −3.8pp
- SG&A / Revenue
- 3.59% −4.6pp
TTM YoY · 2025Q1 -> 2026Q1
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.
Balance Sheet
▼ROIC above should be read with industry context — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 3.41x equity, with a net cash position equivalent to 1.03x equity.
None
Over the last 12 months, working capital released 16.1bn of cash, mainly thanks to higher payables. Pressure from higher receivables and higher inventories only partly offset that benefit.
Working Capital Efficiency
▲▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 30.6 days versus the same period last year. The main moves came from DIO rose 7.3 days, DSO fell 119.8 days, and DPO fell 82.0 days.
Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.
DIO increased by +7.3 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE rose from 8.8% to 13.8% — mainly driven by asset turnover, despite net margin moving in the opposite direction.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 39.3bn.
Leverage & Liquidity
●Leverage is balanced for now, with net debt / equity at −1.03x and interest coverage at 2.24x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 298.1% of debt, and total debt stands at 42.5bn.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- −1.03x
- Interest Coverage
- 2.24x
- Cash / Debt
- 298.1%
- Short-term Debt / Total Debt
- 100.0%
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 39.3bn in 2025, against investing cash flow of -0.1bn.
Post-investment cash flow was positive +39.2bn. Financing cash flow was negative +6.6bn.
CFO / net income was 2,08 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.
In summary
Research synthesis
What this reporting period is showing
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 earnings conversion is confirmed, with CFO/NI at 2.08x. The next item to monitor is capital efficiency.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 2.08x.
- Watchpoint: Capital efficiency needs cycle context.
What to verify next
Questions for the next period
Durability of revenue growth after the current +150,4% YoY pace.
Ability to hold margins around the current 1.58% level.
Cash-flow quality, with operating cash flow currently at 39.3bn in 2025.
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.