Tecnotree's share has been declining heavily since the company's financial statements report, which has resulted in the share’s valuation falling to a low level. Low visibility into future cash flows keeps the company's risk profile high, and the threats arising in the macro economy also raise certain concerns about the company's demand outlook. However, with the lower valuation (2024e P/FCF 11x), we feel the share's risk/return ratio has turned attractive again. The risks do, however, stop us from taking a strong positive view on the company.