Non-operating income overtook Hamkaran System's operating profit; October tests Sahmino's buy call (November 5, 2026)

At Hamkaran System (SYSM), the non-operating income line is larger than operating profit. Its standalone, unaudited accounts for the six months ended September 22, 2026 record 22,229,044 million rials of other non-operating income and expense versus 16,057,012 million rials of operating profit, a ratio of 1.38 to one. October's recognized revenue was roughly half September's, and retail investors sold on November 4. What supports Sahmino's buy call despite those two counterweights?

Background

The interpretive report in the same filing separates the sources of investment income. Dividends, bonds and investment funds contributed 20,872,597 million rials in the six months through September 22; deposit interest contributed 925,598 million rials and market-making in subsidiary Sepidar shares another 104,878 million rials. Together these account for 21,903,073 million rials, with miscellaneous items making up the balance of the 22,229,044 million-rial non-operating line. That is not software sales, and the entire line should not be described as fund income.

The distinction matters mechanically: operating revenue follows customer contracts and sales that can be tracked each month; investment proceeds depend on assets held and the timing of recognition. The six-month basic earnings per share were 3,580 rials, with 1,318 rials classified as operating and 2,262 rials as non-operating in the filing. At the June 9, 2026 meeting, shareholders approved a 3,400-rial dividend per share against 3,306 rials of earnings per share for the fiscal year ended March 20, 2026, a payout ratio of 102.8%. That was a decision for holders eligible at that meeting, not a new November entitlement. In the six months through September, the standalone cash-flow statement also records 33,275,532 million rials of dividends paid.

The figures

All amounts in the table are million rials, as printed by Codal in tracing number 1614487. The September 2025 comparison column is restated and audited; the September 2026 column is unaudited. Both are standalone figures for six months.

Revenue increased about 101% year on year, operating profit was 2.40 times the comparable six-month figure, and net profit was 2.85 times it. Both operating profit and the non-operating line are measured before tax, while net profit is after tax. Thus 1.38 is a comparison of two pre-tax lines, not a precise fraction of net profit attributable to investments. Operating cash flow amounted to 1.49 times operating profit, or about 68% of net profit, over the same six months and on the same standalone basis. Trade and other receivables fell from 12,316,448 million rials on March 20, 2026 to 1,835,634 million rials on September 22, a decline of about 85%; the balance sheet shows no interest-bearing loans at September's end. These are signs of cash generation, not proof that investment gains themselves were all collected in cash.

Drivers and friction

The monthly letter through October 22, 2026, tracing number 1621255, reports 3,546,647 million rials of revenue recognized in October and 28,810,649 million rials in the first seven months of its fiscal year. September's monthly letter, tracing number 1605557, shows 6,648,278 million rials for September and 25,264,002 million rials through that month. Subtracting the six-month cumulative amount from the seven-month amount confirms the October print; October was 46.7% below September. Within it, the software sales line fell from 3,836,178 million rials in September to 837,793 million rials in October, although the Rahkaran Cloud line rose from 776,064 million to 832,532 million rials. Not every service moved in the same direction.

A second issue is intragroup sales. On August 26, 2026, Hamkaran System disclosed a 15,183,000 million-rial cash-settled sale of software locks to Hamkaran System Sales Network Development, a 99.8%-owned subsidiary, in Codal tracing number 1582033. The form calls the transaction 51% of prior-year sales revenue. The available September accounts are standalone, not consolidated; they do not establish how much of the recognized revenue would remain after intragroup eliminations or when this transaction was recognized. Investors should not assume the parent company's gross contract value is outside-group demand.

The company's interpretive report also estimates second-half revenue through March 20, 2027 at 88,218,324 million rials. That is the company's estimate, not achieved revenue. After October's 3,546,647 million rials, reaching it would require about 16,934,335 million rials per month over the remaining five months, about 4.8 times October's print. For a simpler historical yardstick, the second half of the fiscal year ended March 20, 2026 generated 27,894,752 million rials against 12,573,000 million in its first half. Repeating that ratio on this year's first half would imply roughly 56,051,000 million rials in the second half, about 36.5% below management's estimate. This is an arithmetic scenario, not the outcome or a forecast. Sahmino's current call is not predicated on achieving that estimate.

Outlook

SYSM's exchange-printed closing price on Wednesday, November 4, 2026 was 61,310 rials, as in Sahmino's settled series and the Tehran exchange's board record. The last trade was 61,800 rials, not the close. The close is 9.96% below the October 14 traded high of 68,090 rials. It was the third consecutive lower close and the lowest closing price since October 5. Sahmino's trailing-twelve-month P/E of 10.97 uses the November 4 close of 61,310 rials; the sector's 14.39 reading is from the November 3 nightly profile. This trailing ratio is reconstructed from filings, not a column in the six-month accounts. It incorporates non-operating profit, so a discount to the sector is not automatically a durable bargain.

On November 4, individuals bought 347,817 shares and sold 656,792; institutions bought 603,983 and sold 295,008. Across the 15 recorded sessions from October 17 to November 4, individual net trade value was about negative 10.5 billion tomans; individuals were net sellers on 10 sessions. The flow shows who transacted, not why. It is the counterweight to Sahmino's call, not a claim that a single day's sellers know the next price.

Sahmino's desk recorded a buy call for SYSM for the November 4 session, at a reference close of 61,310 rials, with a rounded target of 68,221 rials, invalidation at 59,439 rials and a 15-trading-session horizon. Its still-open flow-turn signal dates from October 20 and has an entry ceiling of 64,927 rials. For that signal, the estimated target hit rate is 73.8%, its lower bound 68.0%, against 55.7% for a random entry in the same regime; reward to risk at the 61,800-rial last trade was 2.72. The November 4 stance itself has no calculated probability or dedicated sample. In the desk's overall settled record as rebuilt November 5, 3,743 of 6,564 signals hit their targets and 2,644 were invalidated. Two previous buy stances for this symbol, dated October 5 and 6, both reached their targets; that history does not settle the current call.

The 61,310-rial closing price is 10.1% below the 68,221-rial target, using the target as denominator, and 3.1% above the 59,439-rial invalidation, using invalidation as denominator. That narrow room below the entry is the conflict to test. Follow its target and stop in Sahmino's ideas and signals and inspect the SYSM price and board page.

Conclusion

The opportunity is conditional: operating profit grew 2.40 times, operating cash flow was 1.49 times that profit and receivables fell about 85%, but non-operating income was larger than operating profit and October recognized revenue fell 46.7%. Sahmino's desk reading from November 4: SYSM stays above 59,439 rials and reaches 68,221 rials, provided no session closes below 59,439 rials; horizon: 15 trading sessions; invalidation: a close below 59,439 rials. The next monthly report will test whether revenue from services, rather than another recognition of investment proceeds, supports that reading.

What to follow

• November recognized revenue against October's 3,546,647 million rials and September's 6,648,278 million rials.
• The next standalone filing's separation of operating profit and investment income, and any consolidated accounts.
• The traded close against the 64,927-rial entry ceiling, 68,221-rial target and 59,439-rial invalidation.
• Individual net flow after the November 4 net sale of 308,975 shares.