Reading between the lines in the MD&A 1Q26: Rojukiss International Public Company Limited (KISS)

Reading between the lines in the 1Q26 Management Discussion and Analysis of Rojukiss International Public Company Limited (KISS): Revenue up 35.2%. Net profit up 27.3%. And no update on the Vietnam market entered in January 2026.

The numbers

Every channel grows, Rojukiss brand leads

Rojukiss International develops and distributes skincare, cosmetics, and food supplements under the Rojukiss and Sis2Sis brands, exporting across Southeast Asia. In 1Q26, revenue rose 35.2% YoY to Bt331m, with the Rojukiss brand up 38% YoY and growth across every channel: General Trade up 112%, E-commerce up 82%, Export up 44%, and Modern Trade up 21%.

Gross margin jumps, but opex erodes the gain

Gross margin expanded to 59.2% in 1Q26 from 52.4% in 1Q25, helped by a richer product mix and the completion of inventory clearance for discontinued brands. Selling expenses rose to 29.9% of sales from 25.3%, and administrative expenses rose to 12.6% from 10.3%, driving EBITDA margin down to 18.8% from 20.0%. Net profit rose 27.3% to Bt46m, a net margin of 13.9% against 14.7% in 1Q25.

Cash redeployed into short-term funds

Total assets rose to Bt1,389m from Bt1,282m at FY25, almost entirely on a Bt100m increase in financial assets as the company shifted cash into short-term investments. Total liabilities rose to Bt334m from Bt275m, mainly on higher trade payables and tax-related current liabilities, while net cash from operations rose 66% YoY to Bt99m.

What the numbers don’t show

Comparing the FY25 MD&A with 1Q26, a few things stand out.

No update on the Vietnam market entered in January

Under FY25 Key Highlights, the company disclosed it had entered Laos in 4Q25 and expanded into Vietnam in January 2026 through retail partners, part of a push toward an 8% international revenue target for 2026. The 1Q26 MD&A repeats the same three-pillar strategy and target almost verbatim, but its Key Highlights cover only market share, new products, and an industry award. Vietnam and Laos are not mentioned again.

Selling expense ratio keeps climbing; the same explanation, plus a new promise to normalize

FY25 attributed a selling expense ratio rise, from 21.4% to 24.7%, to marketing and selling costs supporting sell-out in Modern Trade and Online channels, KOLs/KOCs, and promotional spending. The 1Q26 MD&A uses near-identical language to explain a further rise, from 25.3% to 29.9%, and adds a new claim: that 1Q26 spending was front-loaded and expected to normalize to unspecified target levels, a claim not present in the FY25 filing.

Dividend policy shifts to quarterly, a change absent from FY25

The FY25 MD&A makes no reference to a change in dividend frequency; the company had paid an interim and a final dividend in FY25, totaling Bt0.23 per share. The 1Q26 MD&A discloses that the board, at its meeting on 13 May 2026, approved a shift to quarterly payments and declared a first interim dividend of Bt29m, Bt0.05 per share, a 64% payout ratio.

Click here to read our latest report on KISS.