Reading between the lines in the 2Q26 Management Discussion and Analysis of Rojukiss International Public Company Limited (KISS): Revenue up 11.6%. Net profit up 40.0%. The selling-expense ratio was guided to normalize, but it kept rising instead.
The numbers
E-commerce lifts a slowing top line
Rojukiss International is a Thai beauty and health company that sells skincare, cosmetics, and food supplements, primarily under the Rojukiss brand, across major Asian markets. In 2Q26, revenue rose 11.6% YoY to Bt299m, as e-commerce sales grew 347% YoY and modern trade rose 8%, while general trade and export sales declined from a year earlier.
Margins expand as selling costs climb
Gross margin rose to 59.7% in 2Q26 from 52.0% a year earlier, driven by a higher-margin sales mix and the clearance of discontinued-brand inventory. Selling expenses rose to 32.2% of sales from 28.8%, reflecting continued spending on marketing and e-commerce promotion. Administrative expenses eased to 12.5% of sales from 13.6%, aided by a lower expected credit loss provision. Net profit rose 40.0% YoY to Bt33m, a net margin of 10.9%.
Cash moves into short-term funds as liabilities grow
Total assets rose to Bt1,377m from Bt1,282m at FY25, as the company invested Bt100m in short-term financial assets and built inventory by Bt120m ahead of second-half launches, partly offset by a Bt73m decline in trade receivables and contract assets. Equity eased to Bt1,000m from Bt1,007m after an Bt88m dividend payment, partly offset by net profit.
What the numbers don’t show
Comparing the 2Q26 MD&A with 1Q26, a couple of things stand out.
Selling expenses were guided to normalize; instead, the company now expects to keep raising them
The 1Q26 MD&A reported selling expenses at 29.9% of sales, up from 25.3% a year earlier, attributing the rise to front-loaded marketing to build sales momentum, and said this ratio was expected to normalize the next quarter. In 2Q26, selling expenses rose further to 32.2% of sales, and the MD&A now states that commercial investment will continue to rise to support long-term brand growth. Neither filing references the other’s guidance.
Sis2Sis, a named growth driver in 1Q26, is absent from 2Q26
The 1Q26 MD&A described a packaging relaunch of the Sis2Sis brand, effective from 4Q25, and reported that Sis2Sis sales grew 47% YoY in 1Q26. In 2Q26, Sis2Sis is not mentioned anywhere in the MD&A’s narrative; only the Rojukiss brand is discussed by name. The filing does not disclose whether the relaunch effect has faded or state Sis2Sis’s current contribution to revenue.