All in when there are further signs of recovery. Next qr to observe (1) sga to remain at 6 mil range; 2nd consecutive qtr if you will (2) lower receivables which means higher collections of money owed by customer. It will be even better if there are signs of revenue picking up and capital allocations / acquisitions. Combining all the factors above will translate to improved topline and bottom line; higher net operating profit if you will.

a positive surprise for me, hktee :) I started a small position after the bizarre q4fy24 performance (cogs and sga) and added 2nd batch after q1fy25 upon seeing some early signs that q4fy24 performance is not a structural problem. q2fy25 reinforces the early signals observed in q1fy25:) consistent data of cogs and sga recovery back to the normal range for 2 consecutive qtrs; which is good if you will. trade receivables coming down gradually which means company is receiving/collecting payment from the customer. Following the bizarre performance in Q4FY24, company would have ceased business with the problematic China customer and focusing on collecting the payment after the ECL, revenue from China zero'd out by Q1FY25. The positive surprise in this qr is the revenue from US geo which has increased by more than 2.5x for current ytd. Malaysia geo is showing improvement too. Its shown in pg11 notes A9(b). The other small detail is the forex loss which is hitting a lot of exporters. Every 10% weakening of USD translates to MYR7.5mil decrease of PAT for Sfptech. USD weakened by ~7% from the peak in Apr'25 to the bottom in Jun'25; ~6% comparing to q1'25.