Volatile Operating Cash FlowMaterial volatility and a recent substantial negative operating cash flow weaken the company's internal funding ability for construction and handovers. Persisting cash shortfalls raise reliance on external financing, increase interest costs, and heighten execution and liquidity risk during delays or slower sales, affecting project completion timelines.
Historically High LeverageA history of elevated debt amplifies financial vulnerability in a capital-intensive sector. Even with signs of improvement, high leverage increases interest burden and limits capacity to take on new projects or absorb cost inflation, making the company more sensitive to rate moves and tightening credit conditions.
Earnings And Margin PressureNegative EPS growth and a recent gross profit decline point to margin pressure or one-off impacts that could persist. Sustained earnings weakness reduces retained earnings available for reinvestment, increases dependence on external capital for project funding, and makes long-term cash generation more uncertain amid cost or demand swings.