Start with the cash flow statement, not the profit figure. Operating cash flow that consistently trails reported profit deserves an explanation.
Then read the auditor's report and notes on related-party transactions. Governance issues usually surface here before they surface in price.
Compare the management discussion to last year's version. Repeated promises without progress is a pattern worth noticing.
Finish with the balance sheet: debt maturity profile, working capital trend and contingent liabilities.
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This article is educational content and not investment advice. Markets carry risk; past performance does not guarantee future results.