Conservative Balance Sheet (very Low Leverage)Near-zero debt provides durable financial flexibility: it reduces refinancing and solvency risk through cycles, preserves borrowing capacity for growth or downturns, and gives management time to fix operations without imminent debt pressure, supporting long-term resilience.
Operating Performance Improvement In 2025Operating profit turning positive and gross-margin recovery indicate structural progress on cost control and project execution. If persistent, this improves operating leverage, makes earnings recovery more achievable and strengthens the core business economics over the medium term.
Proven Capacity To Generate Strong Cash In Favorable YearsHistorical episodes of very strong cash generation show the business can convert revenue into cash when conditions and execution align. This episodic cash power signals potential to rebuild liquidity and fund reinvestment or deleveraging if management sustains improvements.