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There’s sufficient information from the financial and market signals. No need for conspiracy theories :)
The bigger question is cash flow and leverage: TTM Jun-26 operating cash flow was RM3.90b, but capex was RM5.64b, giving negative FCF of RM1.74b. Net debt reached RM28.1b, while interest coverage fell to 1.69x.
So personally, I wouldn’t assume we’ve seen the bottom yet. The key is whether cash generation improves and debt starts coming down. No pun intended.