SGX — Micro Cap — Stage 2 Quality Filter

5 modules · 10 tests · 0 (Green) / 1 (Yellow) / 2 (Red) · total 0–20, lower is better
18 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

#TickerCompanySectorStage 1Stage 2StarsYrs
142EChoo Chiang Holdings Ltd.Technology943/20⭐⭐⭐ Strong Screen Match5
2ENVLS 2 Holdings LimitedIndustrials913/20⭐⭐⭐ Strong Screen Match5
3595GKE Corporation LimitedIndustrials844/20⭐⭐ Watchlist Match5
4KUHTSH Corporation LimitedConsumer Cyclical994/20⭐⭐ Watchlist Match5
51A1Wong Fong Industries LimitedIndustrials844/20⭐⭐ Watchlist Match5
6AYNGlobal Testing Corporation LimitedTechnology825/20⭐⭐ Watchlist Match5
7LMSLMS Compliance Ltd.Industrials765/20⭐⭐ Watchlist Match5
8OTXMedinex LimitedHealthcare895/20⭐⭐ Watchlist Match4
9BHUSUTL Enterprise LimitedConsumer Cyclical925/20⭐⭐ Watchlist Match5
101AZAudience Analytics LimitedIndustrials897/20⭐ Mixed Screen Match5
111B1HC Surgical Specialists LimitedHealthcare877/20⭐ Mixed Screen Match5
121L2Hiap Seng IndIndustrials817/20⭐ Mixed Screen Match4
1342WZixin Group Holdings LimitedConsumer Defensive857/20⭐ Mixed Screen Match4
14NEXReclaims Global LimitedIndustrials8610/20○ Weak Screen Match5
155ULAtlantic Navigation Holdings (Singapore) LimitedIndustrials8811/20○ Weak Screen Match5
16PA3TA Corporation LtdIndustrials8214/20○ Weak Screen Match5
17D8DUFirst Ship Lease TrustIndustrials8315/20○ Weak Screen Match5
18URRSim Leisure Group Ltd.Consumer Cyclical9416/20○ Weak Screen Match5

Per-Stock Analysis

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
A1Cash Conversion1.28×● 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
A2Non-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
B1Revenue 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
B2Operating 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
C1Net 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
C2Receivables 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
D1Gross 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
D2NI / GP Stability0.36×● 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
E1Revenue vs 5-Year Peak1.00×● 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
E2Revenue 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
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
A1Cash Conversion2.16×● 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
A2Non-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
B1Revenue 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
B2Operating 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
C1Net 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
C2Receivables 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
D1Gross 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
D2NI / GP Stability0.05×● 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
E1Revenue vs 5-Year Peak1.00×● 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
E2Revenue 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
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
A1Cash Conversion2.54×● 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
A2Non-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
B1Revenue 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
B2Operating 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
C1Net Debt / EBITDA0.81×● 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
C2Receivables 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
D1Gross 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
D2NI / GP Stability0.24×● 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
E1Revenue vs 5-Year Peak1.00×● 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
E2Revenue 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
KUH

TSH Corporation Limited

Consumer Cyclical · 5 years data · ●3 Yellow
S1: 99/100
S2: 4/20
⭐⭐ Watchlist Match↑ summary
Module A — Earnings Quality
A1Cash Conversion2.53×● 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
A2Non-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
B1Revenue 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
B2Operating 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
C1Net 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
C2Receivables 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
D1Gross 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
D2NI / GP Stability0.14×● 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
E1Revenue vs 5-Year Peak1.00×● 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
E2Revenue 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
1A1

Wong Fong Industries Limited

Industrials · 5 years data · ●3 Yellow
S1: 84/100
S2: 4/20
⭐⭐ Watchlist Match↑ summary
Module A — Earnings Quality
A1Cash Conversion2.36×● 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
A2Non-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
B1Revenue 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
B2Operating 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
C1Net 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
C2Receivables 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
D1Gross 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
D2NI / GP Stability0.15×● 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
E1Revenue vs 5-Year Peak0.98×● 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
E2Revenue 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
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
A1Cash Conversion3.04×● 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
A2Non-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
B1Revenue 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
B2Operating 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
C1Net 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
C2Receivables 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
D1Gross 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
D2NI / GP Stability0.38×● 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
E1Revenue vs 5-Year Peak1.00×● 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
E2Revenue 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
LMS

LMS Compliance Ltd.

Industrials · 5 years data · ●4 Yellow
S1: 76/100
S2: 5/20
⭐⭐ Watchlist Match↑ summary
Module A — Earnings Quality
A1Cash Conversion1.42×● 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
A2Non-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
B1Revenue 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
B2Operating 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
C1Net 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
C2Receivables 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
D1Gross 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
D2NI / GP Stability0.22×● 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
E1Revenue vs 5-Year Peak1.00×● 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
E2Revenue 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
A1Cash Conversion1.18×● 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
A2Non-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
B1Revenue 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
B2Operating 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
C1Net 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
C2Receivables 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
D1Gross 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
D2NI / GP Stability0.29×● 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
E1Revenue vs 5-Year Peak0.99×● 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
E2Revenue 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
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
A1Cash Conversion1.05×● 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
A2Non-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
B1Revenue 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
B2Operating 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
C1Net 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
C2Receivables 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
D1Gross 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
D2NI / GP Stability0.25×● 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
E1Revenue vs 5-Year Peak0.99×● 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
E2Revenue 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
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
A1Cash Conversion1.03×● 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
A2Non-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
B1Revenue 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
B2Operating 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
C1Net 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
C2Receivables 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
D1Gross 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
D2NI / GP Stability0.53×● 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
E1Revenue vs 5-Year Peak1.00×● 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
E2Revenue 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
A1Cash Conversion0.86×● 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
A2Non-Operating Income0.16×● 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
B1Revenue 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
B2Operating 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
C1Net 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
C2Receivables 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
D1Gross 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
D2NI / GP Stability0.52×● 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
E1Revenue vs 5-Year Peak0.99×● 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
E2Revenue 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
A1Cash Conversion1.47×● 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
A2Non-Operating Income0.49×● 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
B1Revenue 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
B2Operating 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
C1Net 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
C2Receivables 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
D1Gross 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
D2NI / GP Stability0.84×● 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
E1Revenue vs 5-Year Peak0.85×● 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
E2Revenue 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
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
A1Cash Conversion1.37×● 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
A2Non-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
B1Revenue 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
B2Operating 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
C1Net 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
C2Receivables 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
D1Gross 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
D2NI / GP Stability0.30×● 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
E1Revenue vs 5-Year Peak1.00×● 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
E2Revenue 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
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
A1Cash Conversion0.46×● 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
A2Non-Operating Income0.02×● 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
B1Revenue 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
B2Operating 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
C1Net 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
C2Receivables 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
D1Gross 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
D2NI / GP Stability0.30×● 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
E1Revenue vs 5-Year Peak1.00×● 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
E2Revenue 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
A1Cash Conversion1.47×● 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
A2Non-Operating Income0.35×● 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
B1Revenue 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
B2Operating 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
C1Net 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
C2Receivables 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
D1Gross 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
D2NI / GP Stability0.55×● 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
E1Revenue vs 5-Year Peak0.31×● 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
E2Revenue 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
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
A1Cash Conversion0.57×● 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
A2Non-Operating Income0.32×● 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
B1Revenue 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
B2Operating 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
C1Net Debt / EBITDA2.21×● 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
C2Receivables 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
D1Gross 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
D2NI / GP Stability0.88×● 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
E1Revenue vs 5-Year Peak0.34×● 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
E2Revenue 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
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
A1Cash Conversion0.65×● 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
A2Non-Operating Income0.72×● 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
B1Revenue 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
B2Operating 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
C1Net 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
C2Receivables 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
D1Gross 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
D2NI / GP Stability1.77×● 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
E1Revenue vs 5-Year Peak0.25×● 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
E2Revenue 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
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
A1Cash Conversion1.78×● 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
A2Non-Operating Income0.51×● 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
B1Revenue 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
B2Operating 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
C1Net Debt / EBITDA0.49×● 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
C2Receivables 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
D1Gross 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
D2NI / GP Stability0.85×● 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
E1Revenue vs 5-Year Peak0.82×● 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
E2Revenue 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).

TestNameThresholds
A1Cash Conversion≥ 0.9× Green | ≥ 0.6× Yellow | < 0.6× Red
A2Non-Operating Income≤ 20% Green | ≤ 50% Yellow | > 50% Red
B1Revenue Growth YoY≥ +5% Green | ≥ −5% Yellow | < −5% Red
B2Operating Leverage≥ 0pp Green | ≥ −5pp Yellow | < −5pp Red
C1Net Debt / EBITDA≤ 1.5× Green | ≤ 3.0× Yellow | > 3.0× Red
C2Receivables vs Revenue Δ≤ 0pp Green | ≤ +15pp Yellow | > +15pp Red
D1Gross Margin 3Y Change≥ −2pp Green | ≥ −8pp Yellow | < −8pp Red
D2NI / GP Stability≤ ±30% dev Green | ≤ ±80% Yellow | > ±80% Red
E1Revenue vs 5-Year Peak≥ 95% Green | ≥ 85% Yellow | < 85% Red
E2Revenue Growth Volatility≤ 10% σ Green | ≤ 25% Yellow | > 25% Red

Get the SGX watchlist update

A concise weekly note with score changes, new watchlist candidates, and methodology updates.