SGX — Growth Shortlist — Stage 2 Quality Filter

5 modules · 10 tests · 0 (Green) / 1 (Yellow) / 2 (Red) · total 0–20, lower is better
83 stocks · Generated 2026-05-27 09:23 UTC
Click any test row ▶ to expand its bar chart. Charts show per-year values coloured by threshold.

Summary Rankings

#	Ticker	Company	Sector	Stage 1	Stage 2	Stars	Yrs
1	S68	Singapore Exchange Limited	Financial Services	—	0/20	⭐⭐⭐ Strong Screen Match	5
2	OV8	Sheng Siong Group Ltd	Consumer Defensive	70	0/20	⭐⭐⭐ Strong Screen Match	5
3	S19	Singapore Shipping Corporation Limited	Industrials	87	0/20	⭐⭐⭐ Strong Screen Match	4
4	C52	ComfortDelGro Corporation Limited	Industrials	61	2/20	⭐⭐⭐ Strong Screen Match	5
5	WJP	VICOM Ltd	Consumer Cyclical	78	2/20	⭐⭐⭐ Strong Screen Match	5
6	BBW	Azeus Systems Holdings Ltd.	Technology	88	3/20	⭐⭐⭐ Strong Screen Match	4
7	P8Z	Bumitama Agri Ltd.	Consumer Defensive	87	3/20	⭐⭐⭐ Strong Screen Match	4
8	OU8	Centurion Corporation Limited	Consumer Cyclical	83	3/20	⭐⭐⭐ Strong Screen Match	5
9	42E	Choo Chiang Holdings Ltd.	Technology	94	3/20	⭐⭐⭐ Strong Screen Match	5
10	BQD	Envictus International Holdings Limited	Consumer Defensive	84	3/20	⭐⭐⭐ Strong Screen Match	5
11	CHZ	HRnetGroup Limited	Industrials	80	3/20	⭐⭐⭐ Strong Screen Match	5
12	ZBA	$ Infinity Dev	Basic Materials	93	3/20	⭐⭐⭐ Strong Screen Match	5
13	ENV	LS 2 Holdings Limited	Industrials	91	3/20	⭐⭐⭐ Strong Screen Match	5
14	MR7	Nordic Group Limited	Industrials	89	3/20	⭐⭐⭐ Strong Screen Match	5
15	ZQM	SoilbuildConstr	Industrials	85	3/20	⭐⭐⭐ Strong Screen Match	5
16	OAJ	Fortress Minerals Limited	Basic Materials	87	4/20	⭐⭐ Watchlist Match	5
17	595	GKE Corporation Limited	Industrials	84	4/20	⭐⭐ Watchlist Match	5
18	Q0F	IHH Healthcare Berhad	Healthcare	76	4/20	⭐⭐ Watchlist Match	4
19	ITS	Info-Tech	Technology	80	4/20	⭐⭐ Watchlist Match	4
20	AWZ	Multi-Chem Limited	Technology	82	4/20	⭐⭐ Watchlist Match	5
21	5ML	Old Chang Kee Ltd.	Consumer Cyclical	94	4/20	⭐⭐ Watchlist Match	4
22	S61	SBS Transit Ltd	Industrials	69	4/20	⭐⭐ Watchlist Match	4
23	AGS	The Hour Glass Limited	Consumer Cyclical	89	4/20	⭐⭐ Watchlist Match	4
24	KUH	TSH Corporation Limited	Consumer Cyclical	99	4/20	⭐⭐ Watchlist Match	5
25	ULG	ULTRAGREEN AI USD	Healthcare	83	4/20	⭐⭐ Watchlist Match	4
26	1F2	Union Gas Holdings Limited	Consumer Cyclical	82	4/20	⭐⭐ Watchlist Match	5
27	U14	UOL Group Limited	Real Estate	64	4/20	⭐⭐ Watchlist Match	5
28	1A1	Wong Fong Industries Limited	Industrials	84	4/20	⭐⭐ Watchlist Match	5
29	C41	Cortina Holdings Limited	Consumer Cyclical	96	5/20	⭐⭐ Watchlist Match	4
30	P34	Delfi Limited	Consumer Defensive	86	5/20	⭐⭐ Watchlist Match	5
31	AYN	Global Testing Corporation Limited	Technology	82	5/20	⭐⭐ Watchlist Match	5
32	41B	Huationg Global Limited	Industrials	85	5/20	⭐⭐ Watchlist Match	5
33	KUO	International Cement Group Ltd.	Basic Materials	83	5/20	⭐⭐ Watchlist Match	5
34	BNE	Kencana Agri Limited	Consumer Defensive	83	5/20	⭐⭐ Watchlist Match	4
35	LMS	LMS Compliance Ltd.	Industrials	76	5/20	⭐⭐ Watchlist Match	5
36	OTX	Medinex Limited	Healthcare	89	5/20	⭐⭐ Watchlist Match	4
37	CJLU	NetLink NBN Trust	Communication Services	52	5/20	⭐⭐ Watchlist Match	5
38	5CF	OKP Holdings Limited	Industrials	97	5/20	⭐⭐ Watchlist Match	5
39	C6L	Singapore Airlines Limited	Industrials	72	5/20	⭐⭐ Watchlist Match	5
40	BHU	SUTL Enterprise Limited	Consumer Cyclical	92	5/20	⭐⭐ Watchlist Match	5
41	V03	Venture Corporation Limited	Technology	68	5/20	⭐⭐ Watchlist Match	5
42	E3B	Wee Hur Holdings Ltd.	Industrials	88	5/20	⭐⭐ Watchlist Match	5
43	BEC	BRC Asia Limited	Basic Materials	83	6/20	⭐⭐ Watchlist Match	5
44	G13	Genting Singapore Limited	Consumer Cyclical	75	6/20	⭐⭐ Watchlist Match	5
45	C07	Jardine Cycle & Carriage Limited	Industrials	80	6/20	⭐⭐ Watchlist Match	4
46	5MZ	Kingsmen Creatives Ltd.	Industrials	82	6/20	⭐⭐ Watchlist Match	5
47	G0I	Nam Lee Pressed Metal Industries Limited	Industrials	88	6/20	⭐⭐ Watchlist Match	5
48	S63	Singapore Technologies Engineering Ltd	Industrials	34	6/20	⭐⭐ Watchlist Match	5
49	Y92	Thai Beverage Public Company Limited	Consumer Defensive	76	6/20	⭐⭐ Watchlist Match	5
50	AWI	Thakral Corporation Ltd	Consumer Cyclical	78	6/20	⭐⭐ Watchlist Match	5
51	1AZ	Audience Analytics Limited	Industrials	89	7/20	⭐ Mixed Screen Match	5
52	1B1	HC Surgical Specialists Limited	Healthcare	87	7/20	⭐ Mixed Screen Match	5
53	1L2	Hiap Seng Ind	Industrials	81	7/20	⭐ Mixed Screen Match	4
54	Q0X	Ley Choon Group Holdings Limited	Industrials	94	7/20	⭐ Mixed Screen Match	4
55	NPW	Malaysia Smelting Corporation Berhad	Basic Materials	67	7/20	⭐ Mixed Screen Match	5
56	RXS	Pacific Radiance Ltd.	Industrials	82	7/20	⭐ Mixed Screen Match	5
57	S85	Straco Corporation Limited	Consumer Cyclical	86	7/20	⭐ Mixed Screen Match	5
58	TSH	TSH Resources Berhad	Consumer Defensive	88	7/20	⭐ Mixed Screen Match	5
59	SO7	Yangzijiang Shipbuilding (Holdings) Ltd.	Industrials	89	7/20	⭐ Mixed Screen Match	5
60	BS6	Yangzijiang Shipbuilding (Holdings) Ltd.	Industrials	88	7/20	⭐ Mixed Screen Match	5
61	42W	Zixin Group Holdings Limited	Consumer Defensive	85	7/20	⭐ Mixed Screen Match	4
62	EMI	Emperador Inc.	Consumer Defensive	66	8/20	⭐ Mixed Screen Match	5
63	H02	Haw Par Corporation Limited	Healthcare	72	8/20	⭐ Mixed Screen Match	5
64	PCT	PC Partner Group Limited	Technology	84	8/20	⭐ Mixed Screen Match	4
65	8A8	CMS	Healthcare	76	9/20	⭐ Mixed Screen Match	4
66	AP4	Riverstone Holdings Limited	Healthcare	78	9/20	⭐ Mixed Screen Match	4
67	Z74	Singapore Telecommunications Limited	Communication Services	64	9/20	⭐ Mixed Screen Match	5
68	Z77	Singapore Telecommunications Limited	Communication Services	64	9/20	⭐ Mixed Screen Match	5
69	5TP	CNMC Goldmine Holdings Limited	Basic Materials	94	10/20	○ Weak Screen Match	5
70	EB5	First Resources Limited	Consumer Defensive	85	10/20	○ Weak Screen Match	5
71	NEX	Reclaims Global Limited	Industrials	86	10/20	○ Weak Screen Match	5
72	5UL	Atlantic Navigation Holdings (Singapore) Limited	Industrials	88	11/20	○ Weak Screen Match	5
73	1MZ	Nam Cheong Limited	Industrials	89	11/20	○ Weak Screen Match	4
74	S56	Samudera Shipping Line Ltd	Industrials	85	11/20	○ Weak Screen Match	5
75	S08	Singapore Post Limited	Industrials	55	11/20	○ Weak Screen Match	5
76	F9D	Boustead Singapore Limited	Industrials	87	12/20	○ Weak Screen Match	4
77	5LY	Marco Polo Marine Ltd.	Industrials	75	12/20	○ Weak Screen Match	5
78	N02	NSL Ltd	Basic Materials	81	13/20	○ Weak Screen Match	4
79	PA3	TA Corporation Ltd	Industrials	82	14/20	○ Weak Screen Match	5
80	BQF	XMH Holdings Ltd.	Industrials	89	14/20	○ Weak Screen Match	4
81	D8DU	First Ship Lease Trust	Industrials	83	15/20	○ Weak Screen Match	5
82	T14	Tianjin Pharmaceutical Da Ren Tang Group Corporation Limited	Healthcare	87	15/20	○ Weak Screen Match	4
83	URR	Sim Leisure Group Ltd.	Consumer Cyclical	94	16/20	○ Weak Screen Match	5

Per-Stock Analysis

S68

Singapore Exchange Limited

Financial Services · 5 years data ·

S1: —

S2: 0/20

⭐⭐⭐ Strong Screen Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	1.30×	● Green (0)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	-0.15×	● Green (0)▶
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Business Momentum
B1	Revenue Growth YoY	+11.3%	● Green (0)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	+4.4%	● Green (0)▶
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Balance Sheet Trajectory
C1	Net Debt / EBITDA	-0.53×	● Green (0)▶
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	-22.4%	● Green (0)▶
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+74.3%	● Green (0)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.64×	● Green (0)▶
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	1.00×	● Green (0)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+4.2%	● Green (0)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

OV8

Sheng Siong Group Ltd

Consumer Defensive · 5 years data ·

S1: 70/100

S2: 0/20

⭐⭐⭐ Strong Screen Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	1.58×	● Green (0)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	-0.18×	● Green (0)▶
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Business Momentum
B1	Revenue Growth YoY	+9.9%	● Green (0)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	+3.0%	● Green (0)▶
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Balance Sheet Trajectory
C1	Net Debt / EBITDA	-1.09×	● Green (0)▶
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	-5.9%	● Green (0)▶
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+31.3%	● Green (0)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.30×	● Green (0)▶
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	1.00×	● Green (0)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+4.0%	● Green (0)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

S19

Singapore Shipping Corporation Limited

Industrials · 4 years data ·

S1: 87/100

S2: 0/20

⭐⭐⭐ Strong Screen Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	1.80×	● Green (0)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	0.14×	● Green (0)▶
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Business Momentum
B1	Revenue Growth YoY	+6.7%	● Green (0)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	+9.0%	● Green (0)▶
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Balance Sheet Trajectory
C1	Net Debt / EBITDA	-3.07×	● Green (0)▶
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	-23.3%	● Green (0)▶
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+22.9%	● Green (0)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	1.03×	● Green (0)▶
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	1.00×	● Green (0)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+5.5%	● Green (0)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

C52

ComfortDelGro Corporation Limited

Industrials · 5 years data ·

S1: 61/100

S2: 2/20

⭐⭐⭐ Strong Screen Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	1.96×	● Green (1)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	-0.52×	● Green (0)▶
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Business Momentum
B1	Revenue Growth YoY	+13.0%	● Green (0)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	+5.7%	● Green (0)▶
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Balance Sheet Trajectory
C1	Net Debt / EBITDA	1.27×	● Green (1)▶
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	-6.3%	● Green (0)▶
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+16.9%	● Green (0)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.27×	● Green (0)▶
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	1.00×	● Green (0)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+6.8%	● Green (0)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

WJP

VICOM Ltd

Consumer Cyclical · 5 years data · ●1 Yellow

S1: 78/100

S2: 2/20

⭐⭐⭐ Strong Screen Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	1.37×	● Green (0)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	-0.22×	● Green (0)▶
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Business Momentum
B1	Revenue Growth YoY	+41.0%	● Green (0)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	+40.7%	● Green (0)▶
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Balance Sheet Trajectory
C1	Net Debt / EBITDA	-0.40×	● Green (1)▶
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	-12.1%	● Green (0)▶
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+59.1%	● Green (0)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.44×	● Green (0)▶
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	1.00×	● Green (0)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+20.8%	● Yellow (1)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

BBW

Azeus Systems Holdings Ltd.

Technology · 4 years data · ●2 Yellow

S1: 88/100

S2: 3/20

⭐⭐⭐ Strong Screen Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	1.19×	● Green (0)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	-0.19×	● Green (0)▶
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Business Momentum
B1	Revenue Growth YoY	+44.3%	● Green (0)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	+11.5%	● Green (0)▶
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Balance Sheet Trajectory
C1	Net Debt / EBITDA	-1.19×	● Green (1)▶
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	-6.6%	● Green (0)▶
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+76.6%	● Green (0)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.46×	● Yellow (1)▶
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	1.00×	● Green (0)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+14.1%	● Yellow (1)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

P8Z

Bumitama Agri Ltd.

Consumer Defensive · 4 years data · ●1 Red ●1 Yellow

S1: 87/100

S2: 3/20

⭐⭐⭐ Strong Screen Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	1.67×	● Green (0)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	-0.66×	● Green (0)▶
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Business Momentum
B1	Revenue Growth YoY	+19.2%	● Green (0)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	+8.8%	● Green (0)▶
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Balance Sheet Trajectory
C1	Net Debt / EBITDA	0.17×	● Green (0)▶
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	-100.3%	● Green (0)▶
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+28.0%	● Red (2)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.50×	● Green (0)▶
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	1.00×	● Green (0)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+10.8%	● Yellow (1)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

OU8

Centurion Corporation Limited

Consumer Cyclical · 5 years data · ●3 Yellow

S1: 83/100

S2: 3/20

⭐⭐⭐ Strong Screen Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	1.42×	● Green (0)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	-0.51×	● Green (0)▶
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Business Momentum
B1	Revenue Growth YoY	+16.7%	● Green (0)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	-0.7%	● Yellow (1)▶
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Balance Sheet Trajectory
C1	Net Debt / EBITDA	2.81×	● Yellow (1)▶
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	-71.1%	● Green (0)▶
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+76.7%	● Green (0)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.51×	● Yellow (1)▶
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	1.00×	● Green (0)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+3.9%	● Green (0)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

42E

Choo Chiang Holdings Ltd.

Technology · 5 years data · ●3 Yellow

S1: 94/100

S2: 3/20

⭐⭐⭐ Strong Screen Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	1.28×	● Green (0)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	-0.13×	● Green (0)▶
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Business Momentum
B1	Revenue Growth YoY	+3.9%	● Yellow (1)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	-1.8%	● Yellow (1)▶
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Balance Sheet Trajectory
C1	Net Debt / EBITDA	-2.80×	● Green (0)▶
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	+0.9%	● Yellow (1)▶
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+28.7%	● Green (0)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.36×	● Green (0)▶
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	1.00×	● Green (0)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+3.1%	● Green (0)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

BQD

Envictus International Holdings Limited

Consumer Defensive · 5 years data · ●1 Red

S1: 84/100

S2: 3/20

⭐⭐⭐ Strong Screen Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	1.89×	● Green (0)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	-1.04×	● Green (0)▶
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Business Momentum
B1	Revenue Growth YoY	+8.4%	● Green (1)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	+1.3%	● Green (0)▶
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Balance Sheet Trajectory
C1	Net Debt / EBITDA	1.47×	● Green (0)▶
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	-56.7%	● Green (0)▶
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+45.1%	● Green (0)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.09×	● Red (2)▶
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	1.00×	● Green (0)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+7.1%	● Green (0)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

CHZ

HRnetGroup Limited

Industrials · 5 years data · ●3 Yellow

S1: 80/100

S2: 3/20

⭐⭐⭐ Strong Screen Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	1.10×	● Green (0)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	-0.05×	● Green (0)▶
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Business Momentum
B1	Revenue Growth YoY	+3.0%	● Yellow (1)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	-2.4%	● Yellow (1)▶
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Balance Sheet Trajectory
C1	Net Debt / EBITDA	-4.03×	● Green (0)▶
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	-2.4%	● Green (0)▶
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+21.0%	● Yellow (1)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.42×	● Green (0)▶
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	0.95×	● Green (0)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+4.2%	● Green (0)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

ZBA

$ Infinity Dev

Basic Materials · 5 years data · ●1 Yellow

S1: 93/100

S2: 3/20

⭐⭐⭐ Strong Screen Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	1.13×	● Green (1)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	-0.12×	● Green (0)▶
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Business Momentum
B1	Revenue Growth YoY	+13.4%	● Green (0)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	+0.8%	● Green (0)▶
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Balance Sheet Trajectory
C1	Net Debt / EBITDA	-1.89×	● Green (1)▶
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	-9.6%	● Green (0)▶
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+37.9%	● Green (0)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.39×	● Green (0)▶
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	0.97×	● Green (0)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+19.5%	● Yellow (1)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

ENV

LS 2 Holdings Limited

Industrials · 5 years data · ●2 Yellow

S1: 91/100

S2: 3/20

⭐⭐⭐ Strong Screen Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	2.16×	● Green (1)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	-0.14×	● Green (0)▶
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Business Momentum
B1	Revenue Growth YoY	+4.7%	● Yellow (1)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	+3.4%	● Green (0)▶
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Balance Sheet Trajectory
C1	Net Debt / EBITDA	-0.68×	● Green (0)▶
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	-4.7%	● Green (0)▶
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+88.5%	● Green (0)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.05×	● Yellow (1)▶
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	1.00×	● Green (0)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+4.8%	● Green (0)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

MR7

Nordic Group Limited

Industrials · 5 years data · ●2 Yellow

S1: 89/100

S2: 3/20

⭐⭐⭐ Strong Screen Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	1.59×	● Green (0)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	-0.30×	● Green (0)▶
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Business Momentum
B1	Revenue Growth YoY	-3.2%	● Yellow (2)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	+13.6%	● Green (0)▶
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Balance Sheet Trajectory
C1	Net Debt / EBITDA	0.06×	● Green (0)▶
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	-2.7%	● Green (0)▶
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+26.4%	● Green (0)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.47×	● Green (0)▶
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	0.94×	● Yellow (1)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+1.1%	● Green (0)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

ZQM

SoilbuildConstr

Industrials · 5 years data · ●1 Red

S1: 85/100

S2: 3/20

⭐⭐⭐ Strong Screen Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	2.47×	● Green (0)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	-0.22×	● Green (0)▶
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Business Momentum
B1	Revenue Growth YoY	+50.8%	● Green (0)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	+49.5%	● Green (0)▶
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Balance Sheet Trajectory
C1	Net Debt / EBITDA	-1.09×	● Green (0)▶
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	-64.3%	● Green (0)▶
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+15.8%	● Green (1)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.68×	● Green (0)▶
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	1.00×	● Green (0)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+32.0%	● Red (2)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

OAJ

Fortress Minerals Limited

Basic Materials · 5 years data · ●1 Red ●1 Yellow

S1: 87/100

S2: 4/20

⭐⭐ Watchlist Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	1.95×	● Green (0)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	-0.34×	● Green (0)▶
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Business Momentum
B1	Revenue Growth YoY	+14.2%	● Green (0)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	-2.5%	● Yellow (1)▶
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Balance Sheet Trajectory
C1	Net Debt / EBITDA	0.20×	● Green (1)▶
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	-73.6%	● Green (0)▶
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+58.1%	● Red (2)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.26×	● Green (0)▶
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	1.00×	● Green (0)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+7.0%	● Green (0)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

595

GKE Corporation Limited

Industrials · 5 years data · ●1 Red ●1 Yellow

S1: 84/100

S2: 4/20

⭐⭐ Watchlist Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	2.54×	● Green (1)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	-0.43×	● Green (0)▶
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Business Momentum
B1	Revenue Growth YoY	+14.4%	● Green (0)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	-2.3%	● Yellow (1)▶
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Balance Sheet Trajectory
C1	Net Debt / EBITDA	0.81×	● Green (0)▶
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	-20.5%	● Green (0)▶
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+28.8%	● Green (0)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.24×	● Red (2)▶
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	1.00×	● Green (0)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+6.9%	● Green (0)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

Q0F

IHH Healthcare Berhad

Healthcare · 4 years data · ●2 Yellow

S1: 76/100

S2: 4/20

⭐⭐ Watchlist Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	2.65×	● Green (0)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	-0.86×	● Green (0)▶
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Business Momentum
B1	Revenue Growth YoY	+5.6%	● Green (1)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	-0.5%	● Yellow (1)▶
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Balance Sheet Trajectory
C1	Net Debt / EBITDA	2.40×	● Yellow (2)▶
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	-9.5%	● Green (0)▶
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+71.7%	● Green (0)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.11×	● Green (0)▶
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	1.00×	● Green (0)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+6.3%	● Green (0)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

ITS

Info-Tech

Technology · 4 years data · ●1 Red ●1 Yellow

S1: 80/100

S2: 4/20

⭐⭐ Watchlist Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	1.12×	● Green (1)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	-0.26×	● Green (0)▶
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Business Momentum
B1	Revenue Growth YoY	+29.2%	● Green (0)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	-0.6%	● Yellow (1)▶
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Balance Sheet Trajectory
C1	Net Debt / EBITDA	-2.99×	● Green (0)▶
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	+1139.6%	● Red (2)▶
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+85.2%	● Green (0)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.31×	● Green (0)▶
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	1.00×	● Green (0)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+7.2%	● Green (0)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

AWZ

Multi-Chem Limited

Technology · 5 years data · ●3 Yellow

S1: 82/100

S2: 4/20

⭐⭐ Watchlist Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	1.73×	● Green (0)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	-0.09×	● Green (0)▶
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Business Momentum
B1	Revenue Growth YoY	-4.4%	● Yellow (2)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	-1.1%	● Yellow (1)▶
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Balance Sheet Trajectory
C1	Net Debt / EBITDA	-3.23×	● Green (0)▶
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	+1.0%	● Yellow (1)▶
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+13.7%	● Green (0)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.29×	● Green (0)▶
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	0.96×	● Green (0)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+5.7%	● Green (0)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

5ML

Old Chang Kee Ltd.

Consumer Cyclical · 4 years data · ●2 Yellow

S1: 94/100

S2: 4/20

⭐⭐ Watchlist Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	2.21×	● Green (1)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	-0.20×	● Green (0)▶
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Business Momentum
B1	Revenue Growth YoY	+1.0%	● Yellow (2)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	+2.5%	● Green (0)▶
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Balance Sheet Trajectory
C1	Net Debt / EBITDA	-1.07×	● Green (0)▶
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	-58.5%	● Green (0)▶
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+69.2%	● Green (0)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.16×	● Yellow (1)▶
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	1.00×	● Green (0)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+7.8%	● Green (0)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

S61

SBS Transit Ltd

Industrials · 4 years data · ●3 Yellow

S1: 69/100

S2: 4/20

⭐⭐ Watchlist Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	2.10×	● Green (0)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	-0.11×	● Green (0)▶
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Business Momentum
B1	Revenue Growth YoY	-2.7%	● Yellow (2)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	+10.5%	● Green (0)▶
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Balance Sheet Trajectory
C1	Net Debt / EBITDA	0.01×	● Green (0)▶
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	+7.2%	● Yellow (1)▶
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+14.1%	● Green (0)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.29×	● Yellow (1)▶
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	0.97×	● Green (0)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+2.5%	● Green (0)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

AGS

The Hour Glass Limited

Consumer Cyclical · 4 years data · ●2 Yellow

S1: 89/100

S2: 4/20

⭐⭐ Watchlist Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	1.16×	● Green (0)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	-0.29×	● Green (0)▶
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Business Momentum
B1	Revenue Growth YoY	+2.9%	● Yellow (2)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	-3.9%	● Yellow (1)▶
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Balance Sheet Trajectory
C1	Net Debt / EBITDA	-0.12×	● Green (1)▶
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	-1.4%	● Green (0)▶
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+30.9%	● Green (0)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.38×	● Green (0)▶
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	1.00×	● Green (0)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+4.1%	● Green (0)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

KUH

TSH Corporation Limited

Consumer Cyclical · 5 years data · ●3 Yellow

S1: 99/100

S2: 4/20

⭐⭐ Watchlist Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	2.53×	● Green (0)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	-0.19×	● Green (0)▶
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Business Momentum
B1	Revenue Growth YoY	+7.4%	● Green (1)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	-1.2%	● Yellow (1)▶
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Balance Sheet Trajectory
C1	Net Debt / EBITDA	-0.08×	● Green (0)▶
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	-69.6%	● Green (0)▶
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+73.6%	● Yellow (1)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.14×	● Yellow (1)▶
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	1.00×	● Green (0)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+8.9%	● Green (0)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

ULG

ULTRAGREEN AI USD

Healthcare · 4 years data · ●3 Yellow

S1: 83/100

S2: 4/20

⭐⭐ Watchlist Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	0.71×	● Yellow (1)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	-0.10×	● Green (0)▶
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Business Momentum
B1	Revenue Growth YoY	+27.7%	● Green (1)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	+1.4%	● Green (0)▶
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Balance Sheet Trajectory
C1	Net Debt / EBITDA	-1.93×	● Green (0)▶
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	+4.9%	● Yellow (1)▶
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+84.9%	● Green (0)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.65×	● Green (0)▶
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	1.00×	● Green (0)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+12.0%	● Yellow (1)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

1F2

Union Gas Holdings Limited

Consumer Cyclical · 5 years data · ●1 Red ●1 Yellow

S1: 82/100

S2: 4/20

⭐⭐ Watchlist Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	2.23×	● Green (0)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	-0.22×	● Green (0)▶
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Business Momentum
B1	Revenue Growth YoY	+9.9%	● Green (0)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	-7.9%	● Red (2)▶
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Balance Sheet Trajectory
C1	Net Debt / EBITDA	1.28×	● Green (1)▶
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	+12.5%	● Yellow (1)▶
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+35.0%	● Green (0)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.22×	● Green (0)▶
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	1.00×	● Green (0)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+7.8%	● Green (0)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

U14

UOL Group Limited

Real Estate · 5 years data · ●1 Red ●2 Yellow

S1: 64/100

S2: 4/20

⭐⭐ Watchlist Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	2.68×	● Green (0)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	-0.69×	● Green (0)▶
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Business Momentum
B1	Revenue Growth YoY	+15.7%	● Green (0)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	-1.2%	● Yellow (1)▶
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Balance Sheet Trajectory
C1	Net Debt / EBITDA	3.60×	● Red (2)▶
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	-70.1%	● Green (0)▶
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+39.5%	● Green (0)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.38×	● Green (0)▶
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	1.00×	● Green (0)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+16.2%	● Yellow (1)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

1A1

Wong Fong Industries Limited

Industrials · 5 years data · ●3 Yellow

S1: 84/100

S2: 4/20

⭐⭐ Watchlist Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	2.36×	● Green (1)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	-0.30×	● Green (0)▶
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Business Momentum
B1	Revenue Growth YoY	+16.5%	● Green (0)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	-1.9%	● Yellow (1)▶
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Balance Sheet Trajectory
C1	Net Debt / EBITDA	-1.92×	● Green (0)▶
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	-11.7%	● Green (0)▶
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+43.4%	● Green (0)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.15×	● Yellow (1)▶
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	0.98×	● Green (0)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+16.3%	● Yellow (1)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

C41

Cortina Holdings Limited

Consumer Cyclical · 4 years data · ●2 Yellow

S1: 96/100

S2: 5/20

⭐⭐ Watchlist Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	0.85×	● Yellow (2)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	-0.67×	● Green (0)▶
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Business Momentum
B1	Revenue Growth YoY	+6.4%	● Green (1)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	-2.7%	● Yellow (1)▶
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Balance Sheet Trajectory
C1	Net Debt / EBITDA	0.28×	● Green (1)▶
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	-26.4%	● Green (0)▶
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+32.5%	● Green (0)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.23×	● Green (0)▶
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	1.00×	● Green (0)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+8.6%	● Green (0)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

P34

Delfi Limited

Consumer Defensive · 5 years data · ●4 Yellow

S1: 86/100

S2: 5/20

⭐⭐ Watchlist Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	2.35×	● Green (0)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	-0.20×	● Green (0)▶
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Business Momentum
B1	Revenue Growth YoY	-0.5%	● Yellow (2)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	-3.2%	● Yellow (1)▶
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Balance Sheet Trajectory
C1	Net Debt / EBITDA	-0.95×	● Green (0)▶
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	-10.4%	● Green (0)▶
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+26.5%	● Yellow (1)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.25×	● Green (0)▶
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	0.93×	● Yellow (1)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+9.9%	● Green (0)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

AYN

Global Testing Corporation Limited

Technology · 5 years data · ●1 Red ●3 Yellow

S1: 82/100

S2: 5/20

⭐⭐ Watchlist Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	3.04×	● Green (0)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	-0.17×	● Green (0)▶
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Business Momentum
B1	Revenue Growth YoY	+11.7%	● Green (0)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	-2.9%	● Yellow (1)▶
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Balance Sheet Trajectory
C1	Net Debt / EBITDA	-2.44×	● Green (0)▶
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	-11.9%	● Green (0)▶
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+22.1%	● Red (2)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.38×	● Yellow (1)▶
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	1.00×	● Green (0)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+12.2%	● Yellow (1)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

41B

Huationg Global Limited

Industrials · 5 years data · ●1 Red ●1 Yellow

S1: 85/100

S2: 5/20

⭐⭐ Watchlist Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	1.81×	● Green (1)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	-0.22×	● Green (0)▶
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Business Momentum
B1	Revenue Growth YoY	+32.0%	● Green (0)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	-12.0%	● Red (2)▶
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Balance Sheet Trajectory
C1	Net Debt / EBITDA	-0.67×	● Green (0)▶
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	-56.9%	● Green (0)▶
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+16.5%	● Yellow (2)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.39×	● Green (0)▶
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	1.00×	● Green (0)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+9.2%	● Green (0)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

KUO

International Cement Group Ltd.

Basic Materials · 5 years data · ●1 Red ●2 Yellow

S1: 83/100

S2: 5/20

⭐⭐ Watchlist Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	1.74×	● Green (1)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	-0.38×	● Green (0)▶
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Business Momentum
B1	Revenue Growth YoY	+47.2%	● Green (0)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	+12.7%	● Green (0)▶
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Balance Sheet Trajectory
C1	Net Debt / EBITDA	0.21×	● Green (0)▶
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	-53.4%	● Green (0)▶
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+38.6%	● Yellow (1)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.41×	● Red (2)▶
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	1.00×	● Green (0)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+24.3%	● Yellow (1)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

BNE

Kencana Agri Limited

Consumer Defensive · 4 years data · ●1 Red ●3 Yellow

S1: 83/100

S2: 5/20

⭐⭐ Watchlist Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	3.17×	● Green (0)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	-1.08×	● Green (0)▶
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Business Momentum
B1	Revenue Growth YoY	+29.2%	● Green (0)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	-0.8%	● Yellow (1)▶
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Balance Sheet Trajectory
C1	Net Debt / EBITDA	2.57×	● Yellow (1)▶
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	-65.8%	● Green (0)▶
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+28.0%	● Green (0)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.33×	● Red (2)▶
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	1.00×	● Green (0)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+20.0%	● Yellow (1)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

LMS

LMS Compliance Ltd.

Industrials · 5 years data · ●4 Yellow

S1: 76/100

S2: 5/20

⭐⭐ Watchlist Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	1.42×	● Green (0)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	-1.23×	● Green (0)▶
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Business Momentum
B1	Revenue Growth YoY	+32.5%	● Green (0)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	-4.9%	● Yellow (1)▶
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Balance Sheet Trajectory
C1	Net Debt / EBITDA	-0.74×	● Green (1)▶
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	+10.3%	● Yellow (1)▶
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+86.5%	● Yellow (1)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.22×	● Green (0)▶
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	1.00×	● Green (0)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+10.3%	● Yellow (1)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

OTX

Medinex Limited

Healthcare · 4 years data · ●3 Yellow

S1: 89/100

S2: 5/20

⭐⭐ Watchlist Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	1.18×	● Green (1)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	-0.51×	● Green (0)▶
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Business Momentum
B1	Revenue Growth YoY	+1.8%	● Yellow (2)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	+0.8%	● Green (0)▶
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Balance Sheet Trajectory
C1	Net Debt / EBITDA	-0.37×	● Green (0)▶
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	+8.1%	● Yellow (1)▶
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+77.5%	● Green (0)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.29×	● Yellow (1)▶
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	0.99×	● Green (0)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+5.5%	● Green (0)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

CJLU

NetLink NBN Trust

Communication Services · 5 years data · ●3 Yellow

S1: 52/100

S2: 5/20

⭐⭐ Watchlist Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	3.11×	● Green (0)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	-0.14×	● Green (0)▶
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Business Momentum
B1	Revenue Growth YoY	+1.6%	● Yellow (2)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	-1.1%	● Yellow (1)▶
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Balance Sheet Trajectory
C1	Net Debt / EBITDA	2.76×	● Yellow (2)▶
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	-2.9%	● Green (0)▶
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+92.4%	● Green (0)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.22×	● Green (0)▶
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	1.00×	● Green (0)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+1.6%	● Green (0)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

5CF

OKP Holdings Limited

Industrials · 5 years data · ●1 Yellow

S1: 97/100

S2: 5/20

⭐⭐ Watchlist Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	0.98×	● Green (1)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	-0.19×	● Green (0)▶
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Business Momentum
B1	Revenue Growth YoY	+23.0%	● Green (1)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	+1.6%	● Green (0)▶
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Balance Sheet Trajectory
C1	Net Debt / EBITDA	-2.10×	● Green (1)▶
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	-30.3%	● Green (0)▶
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+32.4%	● Green (1)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.61×	● Green (0)▶
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	1.00×	● Green (0)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+11.6%	● Yellow (1)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

C6L

Singapore Airlines Limited

Industrials · 5 years data · ●1 Red ●1 Yellow

S1: 72/100

S2: 5/20

⭐⭐ Watchlist Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	4.31×	● Green (0)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	-1.08×	● Green (0)▶
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Business Momentum
B1	Revenue Growth YoY	+5.0%	● Green (1)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	+8.0%	● Green (0)▶
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Balance Sheet Trajectory
C1	Net Debt / EBITDA	0.54×	● Green (1)▶
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	+29.0%	● Red (2)▶
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+30.8%	● Green (0)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.19×	● Yellow (1)▶
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	1.00×	● Green (0)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+2.1%	● Green (0)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

BHU

SUTL Enterprise Limited

Consumer Cyclical · 5 years data · ●1 Red ●1 Yellow

S1: 92/100

S2: 5/20

⭐⭐ Watchlist Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	1.05×	● Green (1)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	-0.19×	● Green (0)▶
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Business Momentum
B1	Revenue Growth YoY	+0.7%	● Yellow (2)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	+0.7%	● Green (0)▶
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Balance Sheet Trajectory
C1	Net Debt / EBITDA	-1.87×	● Green (0)▶
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	+26.0%	● Red (2)▶
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+85.0%	● Green (0)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.25×	● Green (0)▶
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	0.99×	● Green (0)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+3.3%	● Green (0)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

V03

Venture Corporation Limited

Technology · 5 years data · ●2 Red

S1: 68/100

S2: 5/20

⭐⭐ Watchlist Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	1.11×	● Green (1)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	-0.08×	● Green (0)▶
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Business Momentum
B1	Revenue Growth YoY	-7.4%	● Red (2)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	+6.0%	● Green (0)▶
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Balance Sheet Trajectory
C1	Net Debt / EBITDA	-4.52×	● Green (0)▶
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	-1.4%	● Green (0)▶
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+27.7%	● Green (0)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.32×	● Green (0)▶
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	0.66×	● Red (2)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+7.7%	● Green (0)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

E3B

Wee Hur Holdings Ltd.

Industrials · 5 years data · ●1 Red ●2 Yellow

S1: 88/100

S2: 5/20

⭐⭐ Watchlist Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	2.03×	● Green (0)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	-0.39×	● Green (0)▶
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Business Momentum
B1	Revenue Growth YoY	+47.1%	● Green (0)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	+16.4%	● Green (0)▶
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Balance Sheet Trajectory
C1	Net Debt / EBITDA	1.93×	● Yellow (1)▶
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	-139.6%	● Green (0)▶
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+45.9%	● Green (1)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.50×	● Yellow (1)▶
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	1.00×	● Green (0)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+30.0%	● Red (2)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

BEC

BRC Asia Limited

Basic Materials · 5 years data · ●1 Red ●3 Yellow

S1: 83/100

S2: 6/20

⭐⭐ Watchlist Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	1.31×	● Green (1)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	-0.17×	● Green (0)▶
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Business Momentum
B1	Revenue Growth YoY	+4.8%	● Yellow (1)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	-1.0%	● Yellow (1)▶
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Balance Sheet Trajectory
C1	Net Debt / EBITDA	0.09×	● Green (0)▶
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	+28.8%	● Red (2)▶
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+10.3%	● Green (0)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.59×	● Green (0)▶
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	0.91×	● Yellow (1)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+7.0%	● Green (0)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

G13

Genting Singapore Limited

Consumer Cyclical · 5 years data · ●1 Red ●3 Yellow

S1: 75/100

S2: 6/20

⭐⭐ Watchlist Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	2.02×	● Green (0)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	-0.17×	● Green (0)▶
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Business Momentum
B1	Revenue Growth YoY	-3.1%	● Yellow (2)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	-7.5%	● Red (2)▶
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Balance Sheet Trajectory
C1	Net Debt / EBITDA	-3.93×	● Green (0)▶
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	-5.2%	● Green (0)▶
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+30.5%	● Yellow (1)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.52×	● Green (0)▶
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	0.97×	● Green (0)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+23.0%	● Yellow (1)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

C07

Jardine Cycle & Carriage Limited

Industrials · 4 years data · ●4 Yellow

S1: 80/100

S2: 6/20

⭐⭐ Watchlist Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	3.17×	● Green (0)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	-1.45×	● Green (0)▶
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Business Momentum
B1	Revenue Growth YoY	-4.2%	● Yellow (2)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	-1.6%	● Yellow (1)▶
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Balance Sheet Trajectory
C1	Net Debt / EBITDA	2.35×	● Yellow (2)▶
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	+4.7%	● Yellow (1)▶
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+21.5%	● Green (0)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.22×	● Green (0)▶
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	0.96×	● Green (0)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+3.7%	● Green (0)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

5MZ

Kingsmen Creatives Ltd.

Industrials · 5 years data · ●1 Red ●3 Yellow

S1: 82/100

S2: 6/20

⭐⭐ Watchlist Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	2.45×	● Green (0)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	-0.98×	● Green (0)▶
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Business Momentum
B1	Revenue Growth YoY	+3.1%	● Yellow (2)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	-1.1%	● Yellow (1)▶
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Balance Sheet Trajectory
C1	Net Debt / EBITDA	-2.31×	● Green (0)▶
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	+12.9%	● Yellow (1)▶
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+24.7%	● Green (0)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.15×	● Red (2)▶
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	1.00×	● Green (0)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+5.2%	● Green (0)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

G0I

Nam Lee Pressed Metal Industries Limited

Industrials · 5 years data · ●1 Red ●3 Yellow

S1: 88/100

S2: 6/20

⭐⭐ Watchlist Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	1.21×	● Green (0)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	-0.28×	● Green (0)▶
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Business Momentum
B1	Revenue Growth YoY	+15.7%	● Green (0)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	+32.7%	● Green (0)▶
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Balance Sheet Trajectory
C1	Net Debt / EBITDA	-0.29×	● Green (0)▶
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	+7.5%	● Yellow (1)▶
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+24.5%	● Green (1)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.49×	● Yellow (1)▶
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	0.91×	● Yellow (1)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+26.1%	● Red (2)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

S63

Singapore Technologies Engineering Ltd

Industrials · 5 years data · ●2 Red ●1 Yellow

S1: 34/100

S2: 6/20

⭐⭐ Watchlist Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	3.69×	● Green (0)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	0.10×	● Green (0)▶
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Business Momentum
B1	Revenue Growth YoY	+9.5%	● Green (1)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	-10.2%	● Red (2)▶
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Balance Sheet Trajectory
C1	Net Debt / EBITDA	4.49×	● Red (2)▶
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	-8.1%	● Green (0)▶
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+17.5%	● Green (0)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.21×	● Yellow (1)▶
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	1.00×	● Green (0)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+1.3%	● Green (0)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

Y92

Thai Beverage Public Company Limited

Consumer Defensive · 5 years data · ●1 Red ●3 Yellow

S1: 76/100

S2: 6/20

⭐⭐ Watchlist Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	1.82×	● Green (0)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	-0.62×	● Green (0)▶
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Business Momentum
B1	Revenue Growth YoY	-2.1%	● Yellow (2)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	+2.3%	● Green (0)▶
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Balance Sheet Trajectory
C1	Net Debt / EBITDA	3.73×	● Red (2)▶
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	+1.4%	● Yellow (1)▶
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+31.1%	● Green (0)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.25×	● Green (0)▶
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	0.98×	● Green (0)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+13.0%	● Yellow (1)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

AWI

Thakral Corporation Ltd

Consumer Cyclical · 5 years data · ●3 Red

S1: 78/100

S2: 6/20

⭐⭐ Watchlist Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	-0.09×	● Red (2)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	0.69×	● Red (2)▶
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Business Momentum
B1	Revenue Growth YoY	+42.4%	● Green (0)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	+66.7%	● Green (0)▶
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Balance Sheet Trajectory
C1	Net Debt / EBITDA	0.89×	● Green (0)▶
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	-19.8%	● Green (0)▶
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+27.5%	● Green (0)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	1.51×	● Red (2)▶
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	1.00×	● Green (0)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+5.1%	● Green (0)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

1AZ

Audience Analytics Limited

Industrials · 5 years data · ●2 Red ●2 Yellow

S1: 89/100

S2: 7/20

⭐ Mixed Screen Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	1.03×	● Green (0)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	-0.12×	● Green (0)▶
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Business Momentum
B1	Revenue Growth YoY	+2.4%	● Yellow (2)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	-11.5%	● Red (2)▶
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Balance Sheet Trajectory
C1	Net Debt / EBITDA	-4.50×	● Green (0)▶
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	+7.3%	● Yellow (1)▶
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+52.2%	● Red (2)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.53×	● Green (0)▶
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	1.00×	● Green (0)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+2.1%	● Green (0)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

1B1

HC Surgical Specialists Limited

Healthcare · 5 years data · ●1 Red ●4 Yellow

S1: 87/100

S2: 7/20

⭐ Mixed Screen Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	0.86×	● Yellow (2)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	0.16×	● Green (0)▶
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Business Momentum
B1	Revenue Growth YoY	+1.6%	● Yellow (1)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	-0.6%	● Yellow (1)▶
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Balance Sheet Trajectory
C1	Net Debt / EBITDA	-0.26×	● Green (0)▶
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	+7.2%	● Yellow (1)▶
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+84.3%	● Green (0)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.52×	● Red (2)▶
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	0.99×	● Green (0)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+1.7%	● Green (0)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

1L2

Hiap Seng Ind

Industrials · 4 years data · ●2 Red ●2 Yellow

S1: 81/100

S2: 7/20

⭐ Mixed Screen Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	1.47×	● Green (0)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	0.49×	● Yellow (1)▶
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Business Momentum
B1	Revenue Growth YoY	-8.3%	● Red (2)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	+29.2%	● Green (0)▶
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Balance Sheet Trajectory
C1	Net Debt / EBITDA	-5.47×	● Green (0)▶
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	-30.3%	● Green (0)▶
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+32.3%	● Green (1)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.84×	● Green (0)▶
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	0.85×	● Yellow (1)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+32.8%	● Red (2)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

Q0X

Ley Choon Group Holdings Limited

Industrials · 4 years data · ●1 Red ●2 Yellow

S1: 94/100

S2: 7/20

⭐ Mixed Screen Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	1.00×	● Green (1)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	-0.01×	● Green (0)▶
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Business Momentum
B1	Revenue Growth YoY	+1.1%	● Yellow (2)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	+26.9%	● Green (0)▶
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Balance Sheet Trajectory
C1	Net Debt / EBITDA	-0.38×	● Green (0)▶
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	+45.0%	● Red (2)▶
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+20.7%	● Green (1)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.54×	● Green (0)▶
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	1.00×	● Green (0)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+17.8%	● Yellow (1)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

NPW

Malaysia Smelting Corporation Berhad

Basic Materials · 5 years data · ●1 Red ●3 Yellow

S1: 67/100

S2: 7/20

⭐ Mixed Screen Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	1.01×	● Green (1)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	-0.71×	● Green (0)▶
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Business Momentum
B1	Revenue Growth YoY	+4.0%	● Yellow (1)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	-4.0%	● Yellow (1)▶
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Balance Sheet Trajectory
C1	Net Debt / EBITDA	1.02×	● Green (1)▶
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	+20.9%	● Red (2)▶
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+13.1%	● Green (0)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.36×	● Green (0)▶
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	1.00×	● Green (0)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+11.3%	● Yellow (1)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

RXS

Pacific Radiance Ltd.

Industrials · 5 years data · ●2 Red ●3 Yellow

S1: 82/100

S2: 7/20

⭐ Mixed Screen Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	-0.10×	● Red (2)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	0.04×	● Green (0)▶
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Business Momentum
B1	Revenue Growth YoY	+25.9%	● Green (0)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	+29.1%	● Green (0)▶
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Balance Sheet Trajectory
C1	Net Debt / EBITDA	-0.35×	● Green (0)▶
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	+42.7%	● Red (2)▶
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+40.2%	● Yellow (1)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.71×	● Yellow (1)▶
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	1.00×	● Green (0)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+17.4%	● Yellow (1)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

S85

Straco Corporation Limited

Consumer Cyclical · 5 years data · ●2 Red ●3 Yellow

S1: 86/100

S2: 7/20

⭐ Mixed Screen Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	1.52×	● Green (0)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	-0.36×	● Green (0)▶
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Business Momentum
B1	Revenue Growth YoY	-8.7%	● Red (2)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	-0.0%	● Yellow (1)▶
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Balance Sheet Trajectory
C1	Net Debt / EBITDA	-4.32×	● Green (0)▶
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	+7.9%	● Yellow (1)▶
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+98.1%	● Green (0)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.25×	● Green (0)▶
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	0.91×	● Yellow (1)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+113.3%	● Red (2)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

TSH

TSH Resources Berhad

Consumer Defensive · 5 years data · ●2 Red ●2 Yellow

S1: 88/100

S2: 7/20

⭐ Mixed Screen Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	1.80×	● Green (1)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	-0.61×	● Green (0)▶
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Business Momentum
B1	Revenue Growth YoY	+4.2%	● Yellow (1)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	+10.9%	● Green (0)▶
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Balance Sheet Trajectory
C1	Net Debt / EBITDA	-0.25×	● Green (0)▶
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	+35.9%	● Red (2)▶
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+43.6%	● Green (0)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.40×	● Green (0)▶
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	0.81×	● Red (2)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+11.4%	● Yellow (1)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

SO7

Yangzijiang Shipbuilding (Holdings) Ltd.

Industrials · 5 years data · ●2 Red

S1: 89/100

S2: 7/20

⭐ Mixed Screen Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	0.52×	● Red (2)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	-0.05×	● Green (0)▶
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Business Momentum
B1	Revenue Growth YoY	+7.4%	● Green (1)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	+20.9%	● Green (0)▶
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Balance Sheet Trajectory
C1	Net Debt / EBITDA	-1.52×	● Green (1)▶
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	+82.5%	● Red (2)▶
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+34.2%	● Green (1)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.88×	● Green (0)▶
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	1.00×	● Green (0)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+4.7%	● Green (0)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

BS6

Yangzijiang Shipbuilding (Holdings) Ltd.

Industrials · 5 years data · ●2 Red

S1: 88/100

S2: 7/20

⭐ Mixed Screen Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	0.52×	● Red (2)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	-0.05×	● Green (0)▶
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Business Momentum
B1	Revenue Growth YoY	+7.4%	● Green (1)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	+20.9%	● Green (0)▶
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Balance Sheet Trajectory
C1	Net Debt / EBITDA	-1.52×	● Green (1)▶
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	+82.5%	● Red (2)▶
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+34.2%	● Green (1)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.88×	● Green (0)▶
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	1.00×	● Green (0)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+4.7%	● Green (0)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

42W

Zixin Group Holdings Limited

Consumer Defensive · 4 years data · ●3 Red

S1: 85/100

S2: 7/20

⭐ Mixed Screen Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	1.37×	● Green (0)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	-0.33×	● Green (0)▶
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Business Momentum
B1	Revenue Growth YoY	+33.1%	● Green (0)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	+8.3%	● Green (0)▶
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Balance Sheet Trajectory
C1	Net Debt / EBITDA	-1.23×	● Green (1)▶
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	+39.4%	● Red (2)▶
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+34.0%	● Green (0)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.30×	● Red (2)▶
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	1.00×	● Green (0)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+37.0%	● Red (2)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

EMI

Emperador Inc.

Consumer Defensive · 5 years data · ●2 Red ●4 Yellow

S1: 66/100

S2: 8/20

⭐ Mixed Screen Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	1.80×	● Green (0)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	-0.75×	● Green (0)▶
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Business Momentum
B1	Revenue Growth YoY	-7.5%	● Red (2)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	-4.1%	● Yellow (1)▶
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Balance Sheet Trajectory
C1	Net Debt / EBITDA	3.88×	● Red (2)▶
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	+11.0%	● Yellow (1)▶
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+29.5%	● Green (0)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.23×	● Yellow (1)▶
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	0.87×	● Yellow (1)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+7.5%	● Green (0)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

H02

Haw Par Corporation Limited

Healthcare · 5 years data · ●3 Red ●2 Yellow

S1: 72/100

S2: 8/20

⭐ Mixed Screen Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	0.22×	● Red (2)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	0.75×	● Red (2)▶
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Business Momentum
B1	Revenue Growth YoY	-6.1%	● Red (2)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	+2.1%	● Green (0)▶
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Balance Sheet Trajectory
C1	Net Debt / EBITDA	-10.17×	● Green (0)▶
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	-23.2%	● Green (0)▶
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+56.0%	● Green (0)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	2.06×	● Green (0)▶
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	0.94×	● Yellow (1)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+17.0%	● Yellow (1)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

PCT

PC Partner Group Limited

Technology · 4 years data · ●2 Red ●1 Yellow

S1: 84/100

S2: 8/20

⭐ Mixed Screen Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	5.70×	● Green (1)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	-0.30×	● Green (0)▶
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Business Momentum
B1	Revenue Growth YoY	+38.4%	● Green (0)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	+10.5%	● Green (0)▶
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Balance Sheet Trajectory
C1	Net Debt / EBITDA	-1.42×	● Green (1)▶
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	+23.1%	● Red (2)▶
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+10.2%	● Yellow (2)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.35×	● Green (0)▶
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	1.00×	● Green (0)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+26.7%	● Red (2)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

8A8

CMS

Healthcare · 4 years data · ●2 Red ●5 Yellow

S1: 76/100

S2: 9/20

⭐ Mixed Screen Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	0.51×	● Red (2)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	-0.10×	● Green (0)▶
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Business Momentum
B1	Revenue Growth YoY	+9.9%	● Green (0)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	-1.7%	● Yellow (1)▶
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Balance Sheet Trajectory
C1	Net Debt / EBITDA	-1.05×	● Green (0)▶
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	+19.9%	● Red (2)▶
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+71.5%	● Yellow (1)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.25×	● Yellow (1)▶
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	0.90×	● Yellow (1)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+11.6%	● Yellow (1)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

AP4

Riverstone Holdings Limited

Healthcare · 4 years data · ●3 Red ●2 Yellow

S1: 78/100

S2: 9/20

⭐ Mixed Screen Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	1.47×	● Green (0)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	-0.17×	● Green (0)▶
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Business Momentum
B1	Revenue Growth YoY	-7.2%	● Red (2)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	-16.2%	● Red (2)▶
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Balance Sheet Trajectory
C1	Net Debt / EBITDA	-1.97×	● Green (1)▶
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	-1.4%	● Green (0)▶
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+30.0%	● Yellow (1)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.70×	● Green (0)▶
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	0.79×	● Red (2)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+22.4%	● Yellow (1)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

Z74

Singapore Telecommunications Limited

Communication Services · 5 years data · ●1 Red ●3 Yellow

S1: 64/100

S2: 9/20

⭐ Mixed Screen Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	0.88×		● Yellow (2)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	0.76×		● Red (2)▶
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Business Momentum
B1	Revenue Growth YoY	+0.8%		● Yellow (1)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	—	—	● N/A (1)▶
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Balance Sheet Trajectory
C1	Net Debt / EBITDA	2.24×		● Yellow (1)▶
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	-4.6%		● Green (0)▶
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	—		● N/A (1)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	—		● N/A (1)▶
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	0.98×		● Green (0)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+2.3%		● Green (0)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

Z77

Singapore Telecommunications Limited

Communication Services · 5 years data · ●1 Red ●3 Yellow

S1: 64/100

S2: 9/20

⭐ Mixed Screen Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	0.88×		● Yellow (2)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	0.76×		● Red (2)▶
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Business Momentum
B1	Revenue Growth YoY	+0.8%		● Yellow (1)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	—	—	● N/A (1)▶
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Balance Sheet Trajectory
C1	Net Debt / EBITDA	2.24×		● Yellow (1)▶
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	-4.6%		● Green (0)▶
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	—		● N/A (1)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	—		● N/A (1)▶
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	0.98×		● Green (0)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+2.3%		● Green (0)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

5TP

CNMC Goldmine Holdings Limited

Basic Materials · 5 years data · ●4 Red ●1 Yellow

S1: 94/100

S2: 10/20

○ Weak Screen Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	1.41×	● Green (1)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	-0.57×	● Green (0)▶
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Business Momentum
B1	Revenue Growth YoY	+96.9%	● Green (0)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	-2.1%	● Yellow (1)▶
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Balance Sheet Trajectory
C1	Net Debt / EBITDA	-0.84×	● Green (0)▶
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	+21.1%	● Red (2)▶
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+87.9%	● Red (2)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.37×	● Red (2)▶
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	1.00×	● Green (0)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+43.6%	● Red (2)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

EB5

First Resources Limited

Consumer Defensive · 5 years data · ●3 Red ●2 Yellow

S1: 85/100

S2: 10/20

○ Weak Screen Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	0.81×	● Yellow (2)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	-0.40×	● Green (0)▶
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Business Momentum
B1	Revenue Growth YoY	+59.9%	● Green (0)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	-3.8%	● Yellow (1)▶
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Balance Sheet Trajectory
C1	Net Debt / EBITDA	1.09×	● Green (1)▶
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	+132.0%	● Red (2)▶
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+41.9%	● Red (2)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.51×	● Green (0)▶
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	1.00×	● Green (0)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+40.8%	● Red (2)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

NEX

Reclaims Global Limited

Industrials · 5 years data · ●4 Red ●2 Yellow

S1: 86/100

S2: 10/20

○ Weak Screen Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	0.46×	● Red (2)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	0.02×	● Green (0)▶
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Business Momentum
B1	Revenue Growth YoY	+4.8%	● Yellow (1)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	+9.5%	● Green (0)▶
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Balance Sheet Trajectory
C1	Net Debt / EBITDA	-3.29×	● Green (0)▶
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	+47.6%	● Red (2)▶
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+48.3%	● Yellow (1)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.30×	● Red (2)▶
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	1.00×	● Green (0)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+49.5%	● Red (2)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

5UL

Atlantic Navigation Holdings (Singapore) Limited

Industrials · 5 years data · ●4 Red ●1 Yellow

S1: 88/100

S2: 11/20

○ Weak Screen Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	1.47×	● Green (1)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	0.35×	● Yellow (1)▶
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Business Momentum
B1	Revenue Growth YoY	+110.3%	● Green (0)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	-27.7%	● Red (2)▶
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Balance Sheet Trajectory
C1	Net Debt / EBITDA	-2.53×	● Green (0)▶
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	-173.1%	● Green (0)▶
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+55.7%	● Green (1)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.55×	● Red (2)▶
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	0.31×	● Red (2)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+98.2%	● Red (2)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

1MZ

Nam Cheong Limited

Industrials · 4 years data · ●4 Red ●2 Yellow

S1: 89/100

S2: 11/20

○ Weak Screen Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	0.45×	● Red (2)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	0.27×	● Yellow (1)▶
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Business Momentum
B1	Revenue Growth YoY	-9.5%	● Red (2)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	-7.6%	● Red (2)▶
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Balance Sheet Trajectory
C1	Net Debt / EBITDA	0.92×	● Green (0)▶
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	-14.7%	● Green (0)▶
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+48.6%	● Green (1)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.95×	● Green (0)▶
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	0.91×	● Yellow (1)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+27.7%	● Red (2)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

S56

Samudera Shipping Line Ltd

Industrials · 5 years data · ●4 Red ●1 Yellow

S1: 85/100

S2: 11/20

○ Weak Screen Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	1.76×	● Green (1)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	-0.02×	● Green (0)▶
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Business Momentum
B1	Revenue Growth YoY	+13.8%	● Green (0)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	-12.4%	● Red (2)▶
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Balance Sheet Trajectory
C1	Net Debt / EBITDA	-0.08×	● Green (1)▶
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	+1.8%	● Yellow (1)▶
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+17.1%	● Red (2)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.74×	● Green (0)▶
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	0.61×	● Red (2)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+27.6%	● Red (2)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

S08

Singapore Post Limited

Industrials · 5 years data · ●4 Red ●2 Yellow

S1: 55/100

S2: 11/20

○ Weak Screen Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	-0.20×	● Red (2)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	0.74×	● Red (2)▶
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Business Momentum
B1	Revenue Growth YoY	-23.1%	● Red (2)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	-1.6%	● Yellow (1)▶
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Balance Sheet Trajectory
C1	Net Debt / EBITDA	-3.54×	● Green (0)▶
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	-23.8%	● Green (0)▶
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+26.7%	● Green (1)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.61×	● Green (0)▶
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	0.20×	● Red (2)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+15.4%	● Yellow (1)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

F9D

Boustead Singapore Limited

Industrials · 4 years data · ●3 Red ●3 Yellow

S1: 87/100

S2: 12/20

○ Weak Screen Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	0.81×	● Yellow (2)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	-0.05×	● Green (0)▶
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Business Momentum
B1	Revenue Growth YoY	-31.3%	● Red (2)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	+34.2%	● Green (0)▶
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Balance Sheet Trajectory
C1	Net Debt / EBITDA	-2.70×	● Green (1)▶
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	+8.8%	● Yellow (1)▶
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+44.3%	● Green (1)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.41×	● Yellow (1)▶
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	0.69×	● Red (2)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+34.9%	● Red (2)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

5LY

Marco Polo Marine Ltd.

Industrials · 5 years data · ●3 Red ●3 Yellow

S1: 75/100

S2: 12/20

○ Weak Screen Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	0.70×	● Yellow (2)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	0.46×	● Yellow (1)▶
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Business Momentum
B1	Revenue Growth YoY	-0.6%	● Yellow (2)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	+12.3%	● Green (0)▶
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Balance Sheet Trajectory
C1	Net Debt / EBITDA	-0.09×	● Green (1)▶
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	+48.9%	● Red (2)▶
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+44.1%	● Green (0)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	1.08×	● Red (2)▶
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	0.97×	● Green (0)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+28.5%	● Red (2)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

N02

NSL Ltd

Basic Materials · 4 years data · ●4 Red ●1 Yellow

S1: 81/100

S2: 13/20

○ Weak Screen Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	1.15×	● Green (1)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	-0.56×	● Green (0)▶
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Business Momentum
B1	Revenue Growth YoY	+1.6%	● Yellow (2)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	+27.4%	● Green (0)▶
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Balance Sheet Trajectory
C1	Net Debt / EBITDA	-2.11×	● Green (1)▶
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	+60.0%	● Red (2)▶
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+22.9%	● Green (1)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.31×	● Red (2)▶
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	0.82×	● Red (2)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+31.4%	● Red (2)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

PA3

TA Corporation Ltd

Industrials · 5 years data · ●5 Red ●2 Yellow

S1: 82/100

S2: 14/20

○ Weak Screen Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	0.57×	● Red (2)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	0.32×	● Yellow (1)▶
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Business Momentum
B1	Revenue Growth YoY	+26.5%	● Green (0)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	-23.8%	● Red (2)▶
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Balance Sheet Trajectory
C1	Net Debt / EBITDA	2.21×	● Yellow (2)▶
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	-56.5%	● Green (0)▶
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+49.5%	● Green (1)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.88×	● Red (2)▶
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	0.34×	● Red (2)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+44.4%	● Red (2)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

BQF

XMH Holdings Ltd.

Industrials · 4 years data · ●6 Red ●1 Yellow

S1: 89/100

S2: 14/20

○ Weak Screen Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	0.37×	● Red (2)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	0.22×	● Yellow (1)▶
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Business Momentum
B1	Revenue Growth YoY	-25.7%	● Red (2)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	+56.0%	● Green (0)▶
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Balance Sheet Trajectory
C1	Net Debt / EBITDA	0.03×	● Green (0)▶
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	+23.3%	● Red (2)▶
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+43.9%	● Green (1)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.47×	● Red (2)▶
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	0.74×	● Red (2)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+52.4%	● Red (2)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

D8DU

First Ship Lease Trust

Industrials · 5 years data · ●6 Red ●1 Yellow

S1: 83/100

S2: 15/20

○ Weak Screen Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	0.65×	● Yellow (2)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	0.72×	● Red (2)▶
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Business Momentum
B1	Revenue Growth YoY	-28.4%	● Red (2)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	-25.7%	● Red (2)▶
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Balance Sheet Trajectory
C1	Net Debt / EBITDA	-5.08×	● Green (0)▶
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	-71.6%	● Green (0)▶
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+64.1%	● Green (1)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	1.77×	● Red (2)▶
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	0.25×	● Red (2)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+32.2%	● Red (2)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

T14

Tianjin Pharmaceutical Da Ren Tang Group Corporation Limited

Healthcare · 4 years data · ●6 Red ●1 Yellow

S1: 87/100

S2: 15/20

○ Weak Screen Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	0.22×	● Red (2)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	0.54×	● Red (2)▶
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Business Momentum
B1	Revenue Growth YoY	-32.7%	● Red (2)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	+36.1%	● Green (0)▶
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Balance Sheet Trajectory
C1	Net Debt / EBITDA	-0.87×	● Green (1)▶
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	+61.4%	● Red (2)▶
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+74.0%	● Green (1)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.59×	● Red (2)▶
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	0.60×	● Red (2)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+16.5%	● Yellow (1)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

URR

Sim Leisure Group Ltd.

Consumer Cyclical · 5 years data · ●8 Red

S1: 94/100

S2: 16/20

○ Weak Screen Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	1.78×	● Green (0)▶
Cash Conversion — Operating cash flow as a ratio of net income — measures earnings quality and cash backing. ≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	0.51×	● Red (2)▶
Non-Operating Income — Share of net income not explained by operating income — high values flag reliance on non-recurring items. ≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
Module B — Business Momentum
B1	Revenue Growth YoY	-17.7%	● Red (2)▶
Revenue Growth YoY — Year-over-year revenue growth rate — trend deterioration adds a penalty point. ≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	-24.7%	● Red (2)▶
Operating Leverage — Gross profit growth minus revenue growth — positive means margins are expanding with scale. ≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
Module C — Balance Sheet Trajectory
C1	Net Debt / EBITDA	0.49×	● Green (0)▶
Net Debt / EBITDA — Financial leverage ratio — rising leverage over time adds a penalty point. ≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	+73.4%	● Red (2)▶
Receivables vs Revenue Δ — Receivables growth minus revenue growth — excess receivables growth can signal revenue quality issues. ≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
Module D — Profitability Sustainability
D1	Gross Margin 3Y Change	+34.6%	● Red (2)▶
Gross Margin 3Y Change — 3-year gross margin change plus volatility check — persistent margin erosion scores Red. ≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	0.85×	● Red (2)▶
NI / GP Stability — Deviation of NI/GP ratio from its historical median — spikes or crashes both flag earnings quality risk. ≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
Module E — Sector Cycle Risk
E1	Revenue vs 5-Year Peak	0.82×	● Red (2)▶
Revenue vs 5-Year Peak — Current revenue as a fraction of 5-year peak — a large gap signals cyclical trough or structural decline. ≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	+59.9%	● Red (2)▶
Revenue Growth Volatility — Standard deviation of YoY revenue growth rates — high volatility indicates cyclical or unpredictable business. ≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red

▸ Framework Reference — 10 Tests & Thresholds

Each test 0/1/2 points. A1, B1, C1 carry a +1 trend penalty if last 3 years show >10% adverse movement (cap 2).

Test	Name	Thresholds
A1	Cash Conversion	≥ 0.9× Green \| ≥ 0.6× Yellow \| < 0.6× Red
A2	Non-Operating Income	≤ 20% Green \| ≤ 50% Yellow \| > 50% Red
B1	Revenue Growth YoY	≥ +5% Green \| ≥ −5% Yellow \| < −5% Red
B2	Operating Leverage	≥ 0pp Green \| ≥ −5pp Yellow \| < −5pp Red
C1	Net Debt / EBITDA	≤ 1.5× Green \| ≤ 3.0× Yellow \| > 3.0× Red
C2	Receivables vs Revenue Δ	≤ 0pp Green \| ≤ +15pp Yellow \| > +15pp Red
D1	Gross Margin 3Y Change	≥ −2pp Green \| ≥ −8pp Yellow \| < −8pp Red
D2	NI / GP Stability	≤ ±30% dev Green \| ≤ ±80% Yellow \| > ±80% Red
E1	Revenue vs 5-Year Peak	≥ 95% Green \| ≥ 85% Yellow \| < 85% Red
E2	Revenue Growth Volatility	≤ 10% σ Green \| ≤ 25% Yellow \| > 25% Red