KKTZ Passes the Cheap-and-Profitable Screen, but on This Year's Half-Year Profit Its P/E Is 8.97, Not 5.88 (Friday, 13 November 2026)

Sahmino's six-condition "cheap and profitable" screen kept 13 of 2,213 equity-group symbols (nightly reading of 13 November 2026, on the 11 November close). Adding a leverage condition left 8, and of those 8 only IKSZ and KKTZ still had net retail buying over the last twenty sessions. KKTZ (Kani Carbon Tabas, Farabourse) shows a trailing P/E of 5.88, but two thirds of its twelve-month profit came from the second half of 1404, and if this year's half-year profit were doubled the P/E would be 8.97.

Background

The question is simple: which shares are cheap and profitable at the same time? We ran six conditions across the whole equity group:

• Sahmino's trailing twelve-month P/E (from filed statements) above 0 and at most 6.
• The exchange card's P/E at most 0.8 times its sector's.
• Net profit growth against the same period a year earlier of at least 30%.
• Operating cash flow of at least 70% of net profit.
• Return on equity (ROE) of at least 25%.
• Twenty-session average traded value of at least 20 billion rials a day.

Result: 13 of 2,213 symbols. A symbol with no figure for a field never passes, and coverage differs by field: Sahmino's P/E exists for 783 symbols, profit growth for 845, operating cash flow for 737 and ROE for 762. So this is not "the best of the whole market"; it is the list of symbols whose filings show these conditions. Five symbols fell out once we required debt of at most one times equity (two banks, a financial intermediary, an insurer and a cable maker, which have either a higher ratio or none), leaving 8: IKSZ, ASTC, BSRZ, FSBZ, SHHZ, KKTZ, PGDR and SHMD. For six of the eight, retail investors were net sellers over twenty sessions; only IKSZ (50.9 billion rials) and KKTZ (311.1 billion rials) were net buyers. We record the difference and assign no cause to it.

The numbers

KKTZ, interim six-month statements to 22 September 2026 (31 Shahrivar 1405; unaudited, standalone; codal tracing number 1614557), amounts in rials:

• Price and value: close of 11 November 2026 at 8,360 rials; market value 20,900 billion rials (2.5 billion shares).
• P/E: 5.88 on twelve-month profit of 3,552 billion rials (Sahmino's calculation); the exchange card also shows 5.88 (nightly reading of 12 November on the 11 November close). The coal-mining sector average is 11.58 (exchange card, five peers).
• Six months of 1405: revenue 2,556 billion rials (up 31% from 1,949 billion), operating profit 1,128 billion (up 98%), net profit 1,165 billion (up 107% from 562 billion).
• Year 1404 (audited): net profit 2,948 billion rials. Subtracting the first half of 1404 gives 2,386 billion for its second half (our subtraction), or 67% of the latest twelve-month profit and twice this year's first half.
• P/E on this year's half-year profit doubled: 20,900 divided by 2,331 billion rials gives 8.97, which is 22.5% below the sector (base: the sector). This is our arithmetic scenario, not a forecast.
• Cash: net operating cash flow for the six months was 1,479 billion rials, 127% of net profit; interest-bearing debt was 607 billion rials, 0.16 times equity.
• Monthly report for Mehr (tracing number 1620688): sales of 400 billion rials, 6.0% under the first-half monthly average (426 billion); seven-month sales of 2,956 billion rials, 19.8% above the 2,468 billion of the same seven months a year earlier.
• Flow: net retail buying of about 117.6 billion rials over the five sessions to 11 November; the close is 26.7% below the 16 Shahrivar high of 11,400 rials (base: the high).

Drivers

The mechanism of a twelve-month P/E is simple: the numerator is today's price and the denominator is the profit of the last four quarters. When one half of the year was stronger than the other, the trailing ratio keeps the stronger half inside it. KKTZ earned 2,386 billion rials in the second half of 1404 and 1,165 billion in the first half of 1405, so 5.88 is tied to last year's second half and 8.97 is closer to this year's pace. The statement does not say why the halves differ, and we assign no cause.

Revenue is tonnage times price. The Mehr report shows the thermal-coal selling rate at 83.5 million rials a tonne, 50.3% above the six-month average (55.6 million), while tonnage sold was 3,950, 37% under the monthly average of 6,270. In Mehr price held revenue up, not volume, and the month still ended 6% under its average.

Two more risks sit in the statements. The current-year tax line is zero for the first half of 1405 and was only 38 billion rials in 1404, 1.3% of pre-tax profit; each 10 points of effective tax would cut profit 10% and lift the ratio 11% (our arithmetic). Capital also rose from 1,000 to 2,500 billion rials, 441 billion of it as a cash contribution, so earnings per share must be read on 2.5 billion shares (466 rials for the half). Article 141 of the Commercial Code does not apply to this symbol.

Outlook

The Sahmino desk held a "watch" stance on KKTZ at the 11 November session, with no target or stop, so the levels below are our own reading of the chart, not a desk call. The 20-session average is 8,438.5 rials and the 50-session average 9,383; the 20-session line crossed below the 50-session line on 25 October. The 8,360-rial close is 10.9% below 9,383 (base: 9,383) and 5.7% above 7,910 rials (base: 7,910), the 2 November close and the lowest close since 17 August. From 8,360, reaching 9,383 is 1,023 rials and falling to 7,910 is 450, so the reward is 2.3 times the risk. With a 3% daily band, two full falls in a row would take 8,360 to about 7,870, under the stop (our approximate arithmetic). The fundamental condition is the Aban monthly report: sales under Mehr's 400 billion rials would weaken the premise that price keeps revenue up.

Conclusion

KKTZ is one of only two symbols that, after six conditions and the leverage condition, still had net retail buying, but its cheapness is 8.97, not 5.88. Our reading: KKTZ returns from its 8,360-rial close to the 50-session average of 9,383 rials within 15 sessions, provided Aban monthly sales do not fall below Mehr's 400 billion rials; a close under 7,910 rials (the 2 November low) invalidates it. Basis: the close of 11 November 2026.

What to watch

• KKTZ's Aban monthly report on codal, against the 400-billion-rial threshold.
• The KKTZ page on Sahmino: close, retail and institutional flow, and the desk's stance.
• Run these six conditions in Sahmino's screener and read the operating-cash-flow and net-retail-buying columns beside the list; a wider screen is in the 21 September screen.
• Profit against cash in other names: Jam Piln and three questions before buying any stock.

Terms

Price-to-earnings (P/E): the share price divided by earnings per share; the lower it is, the less you pay for each rial of profit. Trailing twelve-month P/E: its denominator is the profit of the last four quarters. Operating cash flow: money the core business actually brought in.