Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 51.2bn, rose 27.8bn compared with the same period last year. Key positives came from higher gross profit, higher associates income, and better other profit. Offsetting pressure came mainly from higher selling expenses, higher finance costs, higher tax, and higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 8.54x
- P/B
- 0.98x
- EPS
- 1,405
- BVPS
- 12,186
- ROE
- 11.9%
- ROA
- 3.5%
- Market price
- 12,000 23 Sep 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, KTC is improving on both growth and profitability, painting a notably more positive picture versus the same period — profit is at an all-time high. When both scale and efficiency improve together, this is typically a sign of quality growth.
Profit bridge
Vs last year · TTM
- Gross profit
- Associates income
- Other profit
- Selling expenses
- Finance costs
- Tax
- Administrative expenses
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 | 1,825.1 | 1,599.7 | 1,441.2 | 1,566.8 | 1,391.6 | 1,205.2 | 1,273.7 | 1,620.3 |
| LNST | 29.0 | 2.4 | 9.8 | 10.1 | 11.8 | -2.4 | 4.8 | 9.3 |
| Net margin | 1.59% | 0.15% | 0.68% | 0.65% | 0.85% | -0.20% | 0.38% | 0.57% |
Revenue
1,825bnNet income
29bnNet margin
1.59%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 are improving and earnings quality is solid — a durable foundation for ROE.
What is driving the margin?
●Net margin edged up to 0.80%, rising 0.4pp. Core operating signals are improving as Gross margin rose 0.6pp are enough to offset pressure from SG&A / Revenue rose 0.1pp (in addition, Other profit / Revenue rose 0.1pp added support while Net financial result / Revenue fell 0.2pp remained a drag).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 0.80% +0.4pp
- Gross Margin
- 4.46% +0.6pp
- SG&A / Revenue
- 3.49% +0.1pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Capital is being used more efficiently — ROIC rose and cash cycle shortened to 48.9 days.
Is capital being deployed efficiently?
▲▲ROIC expanded to 3.67%, rising 2.0pp. That translates to 3.67 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 0.3pp and capital turnover rose 1.13x, with invested capital easing slightly by 122bn — capital-return quality improved from both sides.
NOPAT margin led the improvement, but the ROIC level has not yet cleared typical cost of capital — margin needs to hold in coming periods rather than being a one-period rebound.
ROIC is currently 3.67% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Balance Sheet
●ROIC is improving — the asset structure below shows how capital is being allocated. Leverage is elevated, requiring monitoring — liabilities at 2.37x equity, net debt at 1.77x equity.
Inventory ended the period at 632.6bn, roughly 44.1% of total assets.
Over the last 12 months, working capital released 3.2bn of cash, mainly thanks to lower receivables and higher payables. Pressure from 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 16.5 days versus the same period last year. The main moves came from DIO fell 11.9 days, DSO fell 6.2 days, and DPO fell 1.6 days.
Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.
DuPont
What drives ROE?
ROE rose from 5.7% to 11.9% — mainly driven by net margin, despite leverage moving in the opposite direction.
Is financial risk significant?
High leverage combined with negative operating cash flow — this area needs close monitoring.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 1.77x and interest coverage only at 1.15x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 5.5% of debt, and total debt stands at 833.1bn.
Net debt / equity stands at 1.77x, increasing balance-sheet pressure.
Interest coverage is 1.15x, leaving limited room to absorb financing costs.
- Net Debt / Equity
- 1.77x −0.34x
- Interest Coverage
- 1.15x +0.50x
- Cash / Debt
- 5.5% −1.0pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▼High leverage combined with cash flow below reveals the actual liquidity pressure. Operating cash flow reached -104.3bn in 2025, against investing cash flow of 43.9bn.
Post-investment cash flow was negative +60.4bn. Financing cash flow was positive +45.8bn.
CFO / net income was 1,42 lần.
After spending +10.6bn on fixed-asset investment, the business generated trailing free cash flow of +61.9bn.
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 1.42x. The main risk still sits in capital efficiency remains weak, with ROIC at 3.7%.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.42x.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Durability of revenue growth after the current +17,2% YoY pace.
Ability to hold margins around the current 0.80% level.
Cash-flow quality, with operating cash flow currently at -104.3bn in 2025.
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