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NKG - Record low margin wipes away robust top-line growth - Earnings Flash

NKG reported its Q1 2018 results with upbeat revenue growth of 41% vs Q1 2017 on the back of continuous robust volume growth coming from both domestic and export markets. However, gross margin collapsed to only 8.2% in Q1 2018 and surging interest expenses cut earnings growth. As Q1 NPAT-MI only fulfilled 16% of our full-year 2018 profit expectation, we will revise down our forecast and target price for NKG in our upcoming update report.