Cash Flow VolatilityNegative and volatile operating and free cash flow constrain reinvestment, dividend sustainability, and organic growth. Over the medium term this raises reliance on external funding for working capital and expansion, increasing financing risk and limiting strategic flexibility if cash conversion does not improve.
Profitability / ROE InconsistencyInconsistent ROE and volatile net margins suggest earnings instability and uneven capital returns. For a service company, this can reflect pricing pressure, cost variability or integration inefficiencies that impair the predictability of shareholder returns and complicate long-term planning and investor confidence.
Exposure To Real Estate CyclicalityRevenue and contract volumes are tied to property development cycles and developer activity. A prolonged downturn in real estate can reduce new mandates, delay project handovers, and pressure fee collection and renewals, creating structural headwinds for growth and contract renewal rates over multiple quarters.