to positive from stable in view of the group’s improving business and financial profiles.
"The division is anticipated to become a significant earnings contributor from fiscal 2024 and will diversify the group’s current construction-focused business profile and further strengthen its financial profile with segmental contribution potentially reaching half of the group’s earnings,” it said.
However, it said a lack of geographical diversification and the group’s cyclical core businesses are ratings moderators but the rising prominence of Cahya Mata Phosphates’ earnings will reduce the exposure to these factors.
Source: News Formal (newsformal.com)
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