KST

KASATI ·HNX ·2026Q1

▲ Showing improvement

Earnings conversion is confirmed CFO/NPAT 2.08x

Price

13,900

Latest close

01 Jun 2026

P/E 8.08x

P/B 1.02x

EPS 1,721

BVPS 13,654

ROE 13.8%

ROA 4.2%

Profit Margin 1.6%

Asset Turnover 2.63x

Equity Mult. 3.32x

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

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.

	                            
	                                TTM REVENUE
	                            
	                                    VND 700bn
	                                
+150.4%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 11bn
	                                
+63.6%YoY

Metric	2025	2024	2023	2022	2021
Revenue	703.0	450.8	179.1	283.5	88.0
Growth	+56%	+152%	-37%	+222%	—
Net Income	11.1	10.3	5.6	10.1	3.9
Net Margin	1.58%	2.29%	3.10%	3.56%	4.49%

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	19.7	124.0	507.6	48.5	23.0	162.0	50.2	44.4	194.3	46.6	21.3	29.0
Growth	-84%	-76%	+946%	+111%	-86%	+223%	+13%	-77%	+317%	+118%	-27%	—
Net Income	0.2	2.5	8.6	-0.3	0.5	3.0	2.3	0.9	4.1	0.3	2.1	1.7
Net Margin	1.04%	2.03%	1.70%	-0.62%	2.29%	1.88%	4.56%	2.02%	2.12%	0.63%	9.98%	5.82%

Drivers of KST's profit

TTM

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

Gross profit ↑ 14.2bn

Administrative expenses ↑ 11.2bn

Financial income ↓ 2.3bn

Tax ↑ 1.2bn

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to lower gross profit. Supporting and offsetting drivers:

Financial income ↑ 0.8bn

Other profit ↑ 0.2bn

Tax ↓ 0.1bn

Administrative expenses ↓ 0.0bn

Gross profit ↓ 1.4bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 8.8% = 2.4% × 1.26 × 2.88

2026Q1 13.8% = 1.6% × 2.63 × 3.32

ROE rose from 8.8% to 13.8% — mainly driven by asset turnover, despite net margin moving in the opposite direction.

Net margin: 1.6% -0.8pp Asset turnover: 2.63x +1.37x Leverage: 3.32x +0.44x

Is the profit sustainable?

Margins narrowed but earnings quality remains clean — pressure is mainly operational.

very positive positive stable watch under pressure

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.

Profitability trend

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.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin 1.56% −0.9pp

Capital Turnover — —

Average Invested Capital — —

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.

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 Drivers

Receivables increased → lower CFO: −46.6bn

Inventories increased → lower CFO: −61.4bn

Payables increased → higher CFO: +124.1bn

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.

Watchpoints

Inventory turnover is slowing

DIO increased by +7.3 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 46.6 days −119.8 days

Inventory 27.2 days +7.3 days

Payables 66.1 days −82.0 days

Cash Conversion Cycle 7.7 days −30.6 days

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.

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 -1.03x —

Interest Coverage 2.24x —

Cash / Debt 298.1% —

Short-term Debt / Total Debt 100.0% —

CFO / NI 2.08x −5.16x

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 2.08x.

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 22.9bn −25.9bn

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 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.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	705.0	450.9	182.1	286.6	88.4
Revenue Deductions	2.0	0.1	3.0	3.1	0.0
Net Revenue	703.0	450.8	179.1	283.5	88.0
Cost of Goods Sold	662.6	419.6	159.9	253.8	0.0
Gross Profit	40.5	31.2	19.2	29.7	16.7
Financial Income	3.1	6.2	2.2	1.9	1.3
Financial Expenses	6.1	1.7	0.2	0.0	-0.0
Interest Expense	0.5	0.1	0.0	0.0	-0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	—	0.0	0.0	0.0	-0.0
General and Administrative Expenses	25.2	22.4	14.6	19.1	-13.4
Operating Profit	12.3	13.3	6.6	12.5	4.6
Other Income	2.5	0.0	0.5	0.1	0.0
Other Expenses	0.4	0.3	0.0	0.0	0.0
Other Profit	2.1	-0.3	0.4	0.1	-0.0
Profit Before Tax	14.4	13.0	7.0	12.6	4.6
Current Income Tax Expense	3.3	2.7	1.5	2.5	-0.7
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	11.1	10.3	5.6	10.1	3.9
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	11.1	10.3	5.6	10.1	3.9
Earnings per Share	1,744.00	1,643.00	870.00	1,637.00	1,132.00
Diluted EPS	1,859.39	1,725.37	927.84	1,682.69	1,317.63

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	350.0	209.0	240.5	240.9	92.7
I. Cash and cash equivalents	77.4	44.7	29.2	68.5	44.8
1. Cash	4.7	14.9	13.0	55.9	0.0
2. Cash equivalents	72.7	29.8	16.2	12.6	0.0
II. Short-term financial investments	1.8	0.0	7.4	9.1	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	1.8	0.0	7.4	9.1	0.0
III. Short-term receivables	265.4	153.8	60.7	115.0	40.4
1. Short-term trade accounts receivable	243.4	118.5	45.0	96.1	0.0
2. Short-term prepayments to suppliers	0.1	0.6	0.5	4.1	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	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	22.3	35.2	15.6	16.4	0.0
7. Provision for short-term doubtful debts (*)	-0.3	-0.5	-0.5	-1.6	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	4.2	10.4	130.5	44.8	7.2
1. Inventories	9.1	18.0	138.0	52.4	0.0
2. Provision for decline in value of inventories	-4.9	-7.6	-7.6	-7.6	0.0
V. Other short-term assets	1.3	0.1	12.8	3.4	0.4
1. Short-term prepayments	0.1	0.1	0.1	0.1	0.0
2. Value added tax to be reclaimed	1.1	0.0	12.7	3.3	0.0
3. Taxes and other receivables from state authorities	0.1	0.0	0.0	0.0	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)	9.6	8.4	9.2	8.5	9.4
I. Long-term receivables	0.1	0.0	0.1	0.1	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	0.0	0.0	0.0
6. Other long-term receivables	0.1	0.0	0.1	0.1	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	4.1	3.0	3.7	2.9	3.9
1. Tangible fixed assets	3.9	2.9	3.6	2.7	3.6
- Cost	43.0	41.7	41.7	40.8	0.0
- Accumulated depreciation	-39.1	-38.8	-38.1	-38.1	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	0.1	0.1	0.1	0.2	0.3
- Cost	1.0	0.9	0.9	0.9	0.0
- Accumulated depreciation	-0.9	-0.8	-0.8	-0.7	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	4.9	4.9	4.9	4.9	4.9
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	4.9	4.9	4.9	4.9	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	0.6	0.5	0.5	0.5	0.0
1. Long-term prepayments	0.6	0.5	0.5	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	0.6
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)	359.6	217.4	249.7	249.3	102.1
A. LIABILITIES (300=210+330)	278.0	139.7	178.4	176.5	35.4
I. Short -term liabilities	278.0	139.7	178.4	176.5	35.4
1. Short-term trade accounts payable	226.6	80.6	152.2	144.6	17.5
2. Short-term advances from customers	0.0	1.9	0.3	0.0	1.0
3. Taxes and other payables to state authorities	1.5	2.7	0.1	0.6	0.0
4. Payable to employees	7.1	6.6	0.6	5.8	0.0
5. Short-term acrrued expenses	35.9	37.6	5.7	10.4	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	0.1	0.5	0.7	0.7	0.4
9. Other short-term payables	6.4	9.5	11.2	13.8	0.0
10. Short-term borrowings and financial leases	—	0.0	7.0	0.0	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.3	0.3	0.6	0.7	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	—	0.0	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	—	0.0	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)	81.6	77.7	71.3	72.8	66.7
I. Owner's equity	81.6	77.7	71.3	72.8	0.0
1. Owner's capital	59.9	59.9	59.9	59.9	66.7
- Common stock with voting right	59,920,200,000.00	59,920,200,000.00	59,920,200,000.00	59,920,200,000.00	29,960,100,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	10.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	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	7.7	4.6	3.0	0.0	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	13.9	13.1	8.4	12.9	14.9
- Accumulated retained earning at the end of the previous period	2.8	2.8	2.8	2.8	11.0
- Undistributed earnings in this period	11.1	10.3	5.6	10.1	3.9
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)	359.6	217.4	249.7	249.3	102.1

Item	2025	2024	2023	2022	2021
Profit Before Tax	14.4	13.0	7.0	12.6	4.6
Depreciation of Fixed Assets and Investment Property	0.7	0.7	0.8	1.0	1.0
Provision (Increase)/Reversal	-2.8	0.0	-1.1	0.6	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.5	-0.9	0.2	-0.1	0.0
Gain/Loss from Investment Activities	-1.7	-1.6	-2.4	-1.9	0.0
Interest Expense	0.5	0.1	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	11.7	11.4	4.6	12.2	5.0
Increase/(Decrease) in Receivables	-114.5	-77.6	50.7	-75.3	0.0
Increase/(Decrease) in Inventory	8.9	120.0	-85.6	-37.8	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	137.5	-31.8	-5.2	143.5	0.0
Increase/(Decrease) in Prepaid Expenses	-0.1	-0.0	0.1	0.3	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-0.5	-0.1	0.0	0.0	0.0
Corporate Income Tax Paid	-3.0	-2.0	-1.5	-2.4	0.0
Other Operating Receipts	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.6	-0.1	-0.7	-0.1	0.0
Net Cash Flow from Operating Activities	39.3	19.8	-37.7	40.5	42.6
Payments for Fixed Assets and Other Long-term Assets	-1.7	-0.1	-1.6	0.0	-0.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	0.0	0.3	0.1	0.0
Loans and Purchases of Debt Instruments	—	-3.4	-11.8	-14.5	-51.3
Receipts from Loan Repayments and Sale of Debt Instruments	—	8.1	9.0	0.2	24.6
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	1.5	1.7	2.0	1.6	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	-0.1	6.3	-2.2	-12.6	-25.4
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	34.4	31.6	7.0	0.0	0.0
Repayment of Borrowings	-34.4	-38.6	0.0	0.0	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-6.6	-3.6	-6.4	-3.7	-5.1
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	-6.6	-10.6	0.6	-3.7	-5.1
Net Cash Flow During the Period	32.6	15.5	-39.3	24.2	-13.8
Cash and Cash Equivalents at Beginning of Period	44.7	29.2	68.5	44.3	32.7
FX Difference from Revaluation	—	0.0	0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	77.4	44.7	29.2	68.5	44.8

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	19.8	125.4	508.1	48.6	23.0	162.0	50.2	44.5	194.3	49.2	21.6	29.1
Revenue Deductions	0.0	1.4	0.5	0.1	—	0.0	0.0	0.1	0.0	2.7	0.2	0.1
Net Revenue	19.7	124.0	507.6	48.5	23.0	162.0	50.2	44.4	194.3	46.6	21.3	29.0
Cost of Goods Sold	16.0	113.9	487.3	41.6	17.8	152.6	43.4	38.6	185.0	43.2	15.8	23.8
Gross Profit	3.7	10.2	20.3	7.0	5.1	9.4	6.8	5.7	9.3	3.4	5.6	5.2
Financial Income	1.0	1.7	0.1	1.1	0.2	3.3	1.4	1.4	0.1	0.4	0.4	0.8
Financial Expenses	0.1	0.1	2.7	3.3	—	0.0	0.1	1.6	0.0	0.0	0.0	0.0
Interest Expense	—	0.2	0.2	0.1	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	—	—	—	—	—	8.9	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	4.4	8.7	7.6	4.5	4.4	0.0	5.2	4.3	4.2	3.5	3.6	3.8
Operating Profit	0.3	3.1	10.2	0.3	0.9	3.8	2.9	1.2	5.2	0.2	2.4	2.2
Other Income	—	0.1	0.2	0.0	—	0.0	0.0	0.0	0.0	0.2	0.3	0.0
Other Expenses	0.0	—	—	0.2	0.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	-0.0	0.1	0.2	-0.2	-0.2	0.0	-0.0	-0.0	-0.0	0.2	0.3	0.0
Profit Before Tax	0.3	3.3	10.3	0.1	0.7	3.8	2.9	1.2	5.2	0.4	2.7	2.2
Current Income Tax Expense	0.1	0.8	1.7	0.4	0.1	0.8	0.6	0.3	1.0	0.1	0.5	0.5
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	0.2	2.5	8.6	-0.3	0.5	3.0	2.3	0.9	4.1	0.3	2.1	1.7
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	0.2	2.5	8.6	-0.3	0.5	3.0	2.3	0.9	4.1	0.3	2.1	1.7
Earnings per Share	2.00	392.00	1,352.00	-25.00	5.00	487.00	361.00	191.00	606.00	21.00	273.00	23.00
Diluted EPS	34.33	392.00	1,352.00	-25.00	5.00	507.79	361.00	191.00	606.00	21.00	273.00	23.00

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)	349.4	350.1	555.7	539.3	163.7	209.6	204.9	235.4	261.8	236.4	148.6	170.7
I. Cash and cash equivalents	126.7	77.4	194.7	35.5	55.9	44.7	47.6	99.1	27.8	31.3	59.6	46.0
1. Cash	6.4	4.7	130.2	13.2	10.9	14.9	11.3	9.9	4.7	13.0	10.6	10.4
2. Cash equivalents	120.3	72.7	64.6	22.3	45.0	29.8	36.3	89.2	23.1	18.3	49.1	35.6
II. Short-term financial investments	0.5	1.8	—	—	16.1	19.7	18.7	19.8	27.5	14.1	7.6	9.6
1. Available for sale securities	—	—	—	—	—	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 (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	0.5	1.8	—	—	16.1	19.7	18.7	19.8	27.5	14.1	7.6	9.6
III. Short-term receivables	140.4	265.5	349.2	73.2	80.7	134.5	108.7	103.6	204.5	48.7	49.8	110.8
1. Short-term trade accounts receivable	119.4	243.4	328.4	52.1	59.2	118.9	97.0	95.6	195.7	45.0	48.3	99.4
2. Short-term prepayments to suppliers	1.1	0.1	0.3	0.9	2.1	0.6	2.7	2.3	4.2	0.5	0.1	1.1
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	20.1	22.3	21.0	20.7	19.9	15.5	9.3	6.2	5.0	3.6	2.8	11.8
7. Provision for short-term doubtful debts (*)	-0.3	—	—	—	-0.5	0.0	0.0	-0.5	-0.5	-0.5	-1.5	0.0
8. Assets awaiting resolution	—	-0.3	-0.5	-0.5	—	-0.5	-0.5	0.0	0.0	0.0	0.0	-1.5
IV. Inventories	74.9	4.2	10.7	393.2	10.9	10.4	28.7	12.3	1.6	129.5	28.5	2.7
1. Inventories	79.8	9.1	15.7	400.8	18.4	18.0	36.3	19.9	9.1	137.0	36.0	10.3
2. Provision for decline in value of inventories	-4.9	-4.9	-4.9	-7.6	-7.6	-7.6	-7.6	-7.6	-7.6	-7.6	-7.6	-7.6
V. Other short-term assets	6.9	1.2	1.0	37.4	0.3	0.3	1.2	0.5	0.4	12.8	3.1	1.6
1. Short-term prepayments	0.2	0.1	0.2	0.2	0.3	0.1	0.1	0.1	0.1	0.1	0.2	0.2
2. Value added tax to be reclaimed	6.7	1.1	0.8	37.2	—	0.2	1.1	0.5	0.2	12.7	3.0	1.4
3. Taxes and other receivables from state authorities	—	—	0.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.1
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)	10.5	9.5	9.4	9.3	8.1	8.3	8.5	8.7	8.9	9.6	9.6	8.4
I. Long-term receivables	0.1	—	—	—	—	0.1	0.1	0.1	0.1	0.5	0.2	0.2
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	0.0	0.0	0.0	0.2	0.0
6. Other long-term receivables	0.1	—	—	—	—	0.1	0.1	0.1	0.1	0.5	0.0	0.2
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	3.9	4.1	4.1	2.7	2.8	3.0	3.2	3.3	3.5	3.7	3.9	2.6
1. Tangible fixed assets	3.8	3.9	4.1	2.6	2.8	2.9	3.1	3.2	3.4	3.6	3.8	2.4
- Cost	43.0	—	—	—	—	41.7	41.7	41.7	41.7	41.7	41.7	40.9
- Accumulated depreciation	-39.3	—	—	—	—	-38.8	-38.6	-38.4	-38.3	-38.1	-37.9	-38.5
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	0.1	0.1	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.2	0.2
- Cost	1.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.9	—	—	—	—	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	1.2	—	—	1.4	—	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	1.2	—	—	1.4	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	4.9	4.9	4.9	4.9	4.9	4.9	4.9	4.9	4.9	4.9	4.9	4.9
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	4.9	4.9	4.9	4.9	4.9	4.9	4.9	4.9	4.9	4.9	4.9	4.9
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	0.5	0.5	0.4	0.4	0.4	0.3	0.3	0.4	0.4	0.5	0.5	0.7
1. Long-term prepayments	0.5	0.5	0.4	0.4	0.4	0.3	0.3	0.4	0.4	0.5	0.5	0.7
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)	359.9	359.6	565.2	548.7	171.8	218.0	213.3	244.2	270.7	246.0	158.1	179.1
A. LIABILITIES (300=210+330)	278.1	277.7	485.8	478.0	93.6	140.3	138.7	171.8	195.2	174.6	87.0	110.2
I. Short -term liabilities	278.1	277.7	485.8	478.0	93.6	140.3	138.7	171.8	195.2	174.6	87.0	110.2
1. Short-term trade accounts payable	192.5	226.6	388.7	393.2	46.0	80.6	94.5	139.2	158.8	150.9	56.6	79.9
2. Short-term advances from customers	0.1	0.0	0.1	31.1	1.8	1.9	0.0	0.0	0.1	0.3	0.0	0.0
3. Taxes and other payables to state authorities	2.6	1.1	6.1	0.2	4.1	2.8	4.3	0.3	7.9	0.2	2.6	0.7
4. Payable to employees	4.3	7.1	3.0	0.0	2.7	7.1	1.7	0.2	-0.0	0.7	0.5	0.7
5. Short-term acrrued expenses	28.7	36.0	66.0	18.8	29.2	37.6	24.9	16.5	21.1	4.7	8.0	5.7
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	0.1	0.1	0.5	0.5	0.4	0.5	0.9	0.5	0.6	0.7	1.0	0.7
9. Other short-term payables	6.9	6.4	14.6	15.2	9.1	9.5	12.0	14.2	6.2	9.5	17.6	21.2
10. Short-term borrowings and financial leases	42.5	—	6.5	18.1	—	0.0	0.0	0.0	0.0	7.0	0.0	0.0
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	0.3	0.3	0.4	0.9	0.3	0.3	0.3	0.9	0.6	0.6	0.6	1.3
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	—	—	—	—	—	0.0	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	—	—	—	—	—	0.0	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)	81.8	81.9	79.4	70.7	78.2	77.7	74.7	72.4	75.4	71.4	71.1	69.0
I. Owner's equity	81.8	81.9	79.4	70.7	78.2	77.7	74.7	72.4	75.4	71.4	71.1	69.0
1. Owner's capital	59.9	59.9	59.9	59.9	59.9	59.9	59.9	59.9	59.9	59.9	59.9	59.9
- Common stock with voting right	59,920,200,000.00	59,920,200,000.00	59,920,200,000.00	59,920,200,000.00	59,920,200,000.00	59,920,200,000.00	59,920,200,000.00	59,920,200,000.00	59,920,200,000.00	59,920,200,000.00	59,920,200,000.00	59,920,200,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
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	7.7	7.7	7.7	7.7	4.6	4.6	4.6	4.6	3.0	3.0	3.0	3.0
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	14.2	14.2	11.7	3.0	13.7	13.2	10.1	7.8	12.5	8.4	8.1	6.0
- Accumulated retained earning at the end of the previous period	13.9	2.8	2.8	2.8	2.8	2.8	2.8	2.8	2.8	2.8	2.8	2.8
- Undistributed earnings in this period	0.2	11.4	8.9	0.2	10.9	10.4	7.3	5.0	9.7	5.6	5.3	3.2
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)	359.9	359.6	565.2	548.7	171.8	218.0	213.3	244.2	270.7	246.0	158.1	179.1

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	0.3	3.3	10.3	0.1	0.7	3.8	2.9	1.2	5.2	0.3	2.7	2.2
Depreciation of Fixed Assets and Investment Property	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
Provision (Increase)/Reversal	—	-0.1	-2.7	—	—	0.0	0.0	0.0	0.0	-1.0	0.0	-0.1
FX Gain/Loss from Revaluation of Monetary Items	—	-4.1	2.4	2.3	—	1.9	-1.9	0.5	0.0	0.2	-0.0	0.0
Gain/Loss from Investment Activities	—	-0.7	—	-1.0	—	0.8	0.0	-0.8	0.0	-2.4	1.4	-1.4
Interest Expense	—	0.2	0.2	0.1	—	-0.1	0.0	0.1	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	-0.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	0.4	-2.3	11.5	1.7	0.8	6.5	1.2	1.2	5.3	-2.7	4.3	0.8
Increase/(Decrease) in Receivables	124.8	91.8	-239.4	-23.9	56.9	-36.4	20.0	94.2	-143.4	-7.8	52.2	45.8
Increase/(Decrease) in Inventory	-70.7	6.5	385.1	-382.3	-0.4	18.2	-16.3	-9.8	127.9	-102.0	-25.8	1.9
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-47.1	-190.2	17.5	343.9	-33.8	6.9	-26.0	-31.4	27.2	87.0	-18.3	-52.3
Increase/(Decrease) in Prepaid Expenses	0.0	-0.0	-0.1	0.1	-0.0	-0.1	0.0	0.0	0.1	0.1	-0.0	0.4
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	-0.2	-0.2	-0.1	—	0.0	0.1	-0.1	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-1.0	-1.7	-0.1	-0.5	-0.8	-0.6	-0.3	-1.0	-0.1	-0.9	0.0	-0.3
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.0	-0.5	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.6	-0.0	-0.0
Net Cash Flow from Operating Activities	6.4	-96.6	174.3	-61.2	22.7	-5.6	-21.4	53.1	17.0	-26.9	12.3	-3.6
Payments for Fixed Assets and Other Long-term Assets	—	-1.7	0.1	-0.2	—	0.0	0.1	-0.1	0.0	-0.1	-1.4	-0.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.1	—	—	—	0.0	0.0	0.0	0.0	0.3	0.0	0.0
Loans and Purchases of Debt Instruments	-48.3	—	-68.5	34.0	-34.0	-69.5	-109.3	17.2	-18.2	45.2	-56.5	48.3
Receipts from Loan Repayments and Sale of Debt Instruments	48.7	—	80.2	-21.1	22.3	75.1	87.8	-6.7	6.7	-49.7	58.7	-40.3
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	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	—	0.1	0.4	0.8	0.2	-3.0	2.3	0.5	0.1	0.2	0.5	0.7
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	0.5	-14.3	12.2	13.5	-11.6	2.7	-19.2	10.9	-11.4	-4.1	1.4	8.6
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	57.1	0.0	4.5	29.8	—	0.0	0.0	31.6	0.0	7.0	0.0	0.0
Repayment of Borrowings	-14.6	-6.5	-16.1	-11.7	—	0.0	0.0	-31.6	-7.0	0.0	0.0	0.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	-6.6	—	—	0.0	-3.6	0.0	0.0	-6.4	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	42.5	-6.5	-18.1	18.1	—	0.0	-3.6	0.0	-7.0	0.6	0.0	0.0
Net Cash Flow During the Period	49.4	-117.4	168.4	-29.6	11.2	-2.9	-44.2	64.0	-1.4	-30.4	13.7	5.0
Cash and Cash Equivalents at Beginning of Period	77.4	194.7	26.3	55.9	44.7	29.2	29.2	29.2	29.2	68.5	68.5	68.5
FX Difference from Revaluation	—	—	0.0	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	126.7	77.4	194.7	26.3	55.9	44.7	47.6	91.8	27.8	29.2	59.6	45.9

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KST

What Is Changing

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Balance Sheet ▼

Working Capital Efficiency ▲▲

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Leverage & Liquidity ●

Cash Flow ●

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What is driving the margin?

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Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow