High Gross Margins And Revenue RecoveryVery high gross margins and a strong revenue rebound indicate durable revenue economics in brokerage and distribution lines. Sustained >95% gross margins provide structural profitability insulation against cost shocks and support reinvestment, product distribution and client servicing over the medium term.
Improving Operating Efficiency (EBIT Margin)A materially higher EBIT margin reflects improved cost control and operating leverage in core brokerage operations. Sustained efficiency gains raise long-term operating cash generation potential, lower the revenue level needed for breakeven, and strengthen competitive positioning versus peers.
Conservative Leverage And Stronger ROEModerate leverage and a healthy equity ratio provide structural financial flexibility for capital markets activities. An improving ROE indicates management is extracting better returns from capital, supporting capacity for underwriting, margin lending and measured growth without excessive balance sheet strain.