Volatile Cash FlowCash generation has been inconsistent, reflecting working-capital swings and project timing. This volatility raises execution risk for development financing and makes capital planning harder; durability of recent FCF gains requires monitoring across multiple quarters.
Thin Net MarginsDespite margin improvement, net margins are still modest, leaving limited buffer against rising costs or weaker sales. In real estate development, thin margins reduce resilience to input cost inflation, land-price shifts, or project delays over the medium term.
Rising Debt TrendAlthough absolute leverage remains low, the recent step-up in debt levels narrows the company’s historical cushion. Continued increases could constrain capacity for new projects and raise sensitivity to rate or cash-flow shocks, weakening long-term financial flexibility.