High LeverageA debt-to-equity ratio above 3x denotes material leverage and limits financial flexibility. Elevated interest and refinancing risk can constrain capital allocation, raise financing costs, and amplify earnings sensitivity to macro shocks, making long-term investment and payout policies riskier.
Negative Revenue Growth TrendSustained negative revenue growth signals challenges in expanding top-line across legacy fixed-line services. Even with margin strength, revenue contraction pressures long-term EBITDA growth and makes achievement of profit expansion reliant on ARPU gains, cost cuts, or successful upselling to fiber/5G customers.
Operational And One-off Cash DrainsTax assessments and higher provisions for legal claims/retirement are structural cost and cash risks. Recurring or large one-off liabilities can depress free cash flow, force higher provisions, and reduce available funds for investment or deleveraging, weakening medium-term balance sheet repair prospects.