SGX Mid Cap — Stage 2 Quality Filter

5 modules · 10 tests · 0 (Green) / 1 (Yellow) / 2 (Red) · total 0–20, lower is better
18 stocks · Generated 2026-09-04 17:43 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	C41	Cortina Holdings Limited	Consumer Cyclical	95	1/20	⭐⭐⭐ Strong Screen Match	5
2	C52	ComfortDelGro Corporation Limited	Industrials	61	2/20	⭐⭐⭐ Strong Screen Match	5
3	WJP	VICOM Ltd	Consumer Cyclical	78	2/20	⭐⭐⭐ Strong Screen Match	5
4	AGS	The Hour Glass Limited	Consumer Cyclical	90	3/20	⭐⭐⭐ Strong Screen Match	5
5	CHZ	HRnetGroup Limited	Industrials	80	3/20	⭐⭐⭐ Strong Screen Match	5
6	OU8	Centurion Corporation Limited	Consumer Cyclical	83	3/20	⭐⭐⭐ Strong Screen Match	5
7	S61	SBS Transit Ltd	Industrials	69	4/20	⭐⭐ Watchlist Match	4
8	ULG	UltraGreen.ai Limited	Healthcare	96	4/20	⭐⭐ Watchlist Match	4
9	E3B	Wee Hur Holdings Ltd.	Industrials	88	5/20	⭐⭐ Watchlist Match	5
10	BEC	BRC Asia Limited	Basic Materials	83	6/20	⭐⭐ Watchlist Match	5
11	TSH	TSH Resources Berhad	Consumer Defensive	88	7/20	⭐ Mixed Screen Match	5
12	PCT	PC Partner Group Limited	Technology	84	8/20	⭐ Mixed Screen Match	4
13	AP4	Riverstone Holdings Limited	Healthcare	80	9/20	⭐ Mixed Screen Match	4
14	FHH	Foundation Healthcare Holdings Limited	Healthcare	75	9/20	⭐ Mixed Screen Match	3
15	5TP	CNMC Goldmine Holdings Limited	Basic Materials	93	10/20	○ Weak Screen Match	5
16	S08	Singapore Post Limited	Industrials	55	11/20	○ Weak Screen Match	5
17	5LY	Marco Polo Marine Ltd.	Industrials	76	12/20	○ Weak Screen Match	5
18	F9D	Boustead Singapore Limited	Industrials	81	14/20	○ Weak Screen Match	5

Per-Stock Analysis

C41

Cortina Holdings Limited

Consumer Cyclical · 5 years data · ●1 Yellow

S1: 95/100

S2: 1/20

⭐⭐⭐ Strong Screen Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	1.94×	● 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	-0.85×	● 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	+13.5%	● 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	-2.0%	● 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	0.16×	● 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	-23.9%	● 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	+31.9%	● 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	0.21×	● 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	+7.7%	● 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

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

AGS

The Hour Glass Limited

Consumer Cyclical · 5 years data · ●2 Yellow

S1: 90/100

S2: 3/20

⭐⭐⭐ Strong Screen Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	1.23×	● 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	-0.15×	● 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	+15.1%	● 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	-2.0%	● 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	0.20×	● 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	-55.5%	● 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	+30.4%	● 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	0.44×	● 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	+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

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

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

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

ULG

UltraGreen.ai Limited

Healthcare · 4 years data · ●3 Yellow

S1: 96/100

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

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

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

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

AP4

Riverstone Holdings Limited

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

S1: 80/100

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

FHH

Foundation Healthcare Holdings Limited

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

S1: 75/100

S2: 9/20

⭐ Mixed Screen Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	1.44×	● 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	-0.64×	● 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	+32.1%	● 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	-2.8%	● 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	2.95×	● 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	+24.0%	● 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	+90.1%	● 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	0.20×	● 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	+33.3%	● 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

5TP

CNMC Goldmine Holdings Limited

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

S1: 93/100

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

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

5LY

Marco Polo Marine Ltd.

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

S1: 76/100

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

F9D

Boustead Singapore Limited

Industrials · 5 years data · ●6 Red

S1: 81/100

S2: 14/20

○ Weak Screen Match↑ summary

What changed since the prior analysis

Stage 2 worsened from 12/20 to 14/20. Lower scores are better.

Non-Operating Income worsened: -0.05x → 0.68x (green → red, +2 points).
Operating Leverage worsened: +34.2% → -26.1% (green → red, +2 points).
NI / Gross Profit Stability worsened: 0.41x → 1.08x (yellow → red, +1 point).
Cash Conversion improved: 0.81x → -0.33x (yellow → red, +0 points).
Revenue Growth YoY improved: -31.3% → +18.5% (red → green, -1 point).

What to verify next: Identify the non-operating item and whether it is recurring. Review cost growth and whether gross profit is keeping pace with revenue. Identify one-off items affecting net profit relative to gross profit.

Module A — Earnings Quality
A1	Cash Conversion	-0.33×	● 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	0.68×	● 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	+18.5%	● 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	-26.1%	● 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	-3.14×	● 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	-16.0%	● 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	+34.5%	● 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	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	0.81×	● 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	+35.2%	● 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

▸ 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

SGX Mid Cap — Stage 2 Quality Filter

Summary Rankings

Per-Stock Analysis

Cortina Holdings Limited

ComfortDelGro Corporation Limited

VICOM Ltd

The Hour Glass Limited

HRnetGroup Limited

Centurion Corporation Limited

SBS Transit Ltd

UltraGreen.ai Limited

Wee Hur Holdings Ltd.

BRC Asia Limited

TSH Resources Berhad

PC Partner Group Limited

Riverstone Holdings Limited

Foundation Healthcare Holdings Limited

CNMC Goldmine Holdings Limited

Singapore Post Limited

Marco Polo Marine Ltd.

Boustead Singapore Limited

What changed since the prior analysis

Get the SGX watchlist update