Cash Conversion WeaknessAlthough free cash flow is growing, the free cash flow to net income ratio lags, signaling incomplete conversion of accounting profits into true cash. Over the medium term this can limit self-funding for capex, reduce buffer for dividends, and increase reliance on external funding during stress periods.
Rising Total Debt TrendEven with overall low leverage, a rising debt trend erodes future headroom and raises interest exposure. If the increase continues, it could constrain investment flexibility, raise refinancing risk, and gradually reduce the balance sheet cushion that currently supports strategic initiatives.
Limited Scale And LiquidityA small workforce and low average trading volume reflect limited scale and market liquidity. Structurally, smaller scale can hinder ability to secure very large contracts, reduce bargaining power with suppliers, and make capital raises or M&A more costly, constraining long-term growth options.