Moderate Asset GrowthOnly moderate asset growth suggests the company may be expanding cautiously, which can limit market share gains in a fast-moving e-commerce and logistics landscape. Slower asset build can constrain capacity, network effects and long-term scaling potential.
Low Net Margin LevelAlthough net margin moved from negative to 4.5%, the level remains modest. A thin net margin reduces the firm’s ability to absorb rising costs or invest aggressively without eroding profitability, leaving limited downside protection in tougher demand periods.
Free Cash Flow SustainabilityPositive free cash flow is encouraging, but the firm cautions the growth rate needs monitoring. If FCF growth decelerates, reinvestment capacity, dividend potential and debt flexibility could be constrained, making long-term strategic execution more dependent on stable cash conversion.