dont put much hope on dividend until 2030 in my personal opinion. RWS2.0 and RWNYC capital commitment is USD5bil and USD5.5bil respectively. RWS2.0 upgrades started and will pick up pace while RWNYC will start this year. Capex in FY2024 is approx RM4bil and FY25 capex should be more than RM4bil. Capex needs will go as high as RM8bil assuming additional USD1bil capex yearly until 2030. FY23 and FY24 net cash from ops is slightly more than RM7bil and that means cash flow is not looking good as upgrades pick up pace.