SGX — Stage 2 Quality Filter

5 modules · 10 tests · 0 (Green) / 1 (Yellow) / 2 (Red) · total 0–20, lower is better
40 stocks · Generated 2026-06-06 02:50 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	3/20	⭐⭐⭐ Strong Screen Match	5
2	42E	Choo Chiang Holdings Ltd.	Technology	94	3/20	⭐⭐⭐ Strong Screen Match	5
3	ZBA	$ Infinity Dev	Basic Materials	93	3/20	⭐⭐⭐ Strong Screen Match	5
4	ENV	LS 2 Holdings Limited	Industrials	91	3/20	⭐⭐⭐ Strong Screen Match	5
5	MR7	Nordic Group Limited	Industrials	90	3/20	⭐⭐⭐ Strong Screen Match	5
6	P8Z	Bumitama Agri Ltd.	Consumer Defensive	88	3/20	⭐⭐⭐ Strong Screen Match	4
7	KUH	TSH Corporation Limited	Consumer Cyclical	99	4/20	⭐⭐ Watchlist Match	5
8	OTX	Medinex Limited	Healthcare	89	4/20	⭐⭐ Watchlist Match	5
9	OAJ	Fortress Minerals Limited	Basic Materials	87	4/20	⭐⭐ Watchlist Match	5
10	Q0X	Ley Choon Group Holdings Limited	Industrials	83	4/20	⭐⭐ Watchlist Match	5
11	O9E	Parkson Retail Asia Limited	Consumer Cyclical	80	4/20	⭐⭐ Watchlist Match	4
12	Q0F	IHH Healthcare Berhad	Healthcare	59	4/20	⭐⭐ Watchlist Match	4
13	5CF	OKP Holdings Limited	Industrials	97	5/20	⭐⭐ Watchlist Match	5
14	S19	Singapore Shipping Corporation Limited	Industrials	95	5/20	⭐⭐ Watchlist Match	5
15	BHU	SUTL Enterprise Limited	Consumer Cyclical	91	5/20	⭐⭐ Watchlist Match	5
16	AGS	The Hour Glass Limited	Consumer Cyclical	91	5/20	⭐⭐ Watchlist Match	5
17	LMS	LMS Compliance Ltd.	Industrials	76	5/20	⭐⭐ Watchlist Match	5
18	5ML	Old Chang Kee Ltd.	Consumer Cyclical	92	6/20	⭐⭐ Watchlist Match	5
19	LCC	$ Lum Chang Creat	Industrials	77	6/20	⭐⭐ Watchlist Match	4
20	1AZ	Audience Analytics Limited	Industrials	89	7/20	⭐ Mixed Screen Match	5
21	SO7	Yangzijiang Shipbuilding (Holdings) Ltd.	Industrials	89	7/20	⭐ Mixed Screen Match	5
22	BS6	Yangzijiang Shipbuilding (Holdings) Ltd.	Industrials	88	7/20	⭐ Mixed Screen Match	5
23	42W	Zixin Group Holdings Limited	Consumer Defensive	85	7/20	⭐ Mixed Screen Match	4
24	1L2	Hiap Seng Ind	Industrials	81	7/20	⭐ Mixed Screen Match	4
25	NPW	Malaysia Smelting Corporation Berhad	Basic Materials	66	7/20	⭐ Mixed Screen Match	5
26	1C0	Emerging Towns & Cities Singapore Ltd.	Real Estate	85	8/20	⭐ Mixed Screen Match	5
27	BBW	Azeus Systems Holdings Ltd.	Technology	85	8/20	⭐ Mixed Screen Match	5
28	AP4	Riverstone Holdings Limited	Healthcare	80	9/20	⭐ Mixed Screen Match	4
29	T12	Tat Seng Packaging Group Ltd	Consumer Cyclical	80	9/20	⭐ Mixed Screen Match	5
30	8A8	CMS	Healthcare	76	9/20	⭐ Mixed Screen Match	4
31	5TP	CNMC Goldmine Holdings Limited	Basic Materials	94	10/20	○ Weak Screen Match	5
32	V7R	Resources Global Development Limited	Industrials	76	10/20	○ Weak Screen Match	5
33	5UL	Atlantic Navigation Holdings (Singapore) Limited	Industrials	90	11/20	○ Weak Screen Match	5
34	1MZ	Nam Cheong Limited	Industrials	90	11/20	○ Weak Screen Match	4
35	SGR	$ Sheffield Green	Industrials	76	11/20	○ Weak Screen Match	5
36	5LY	Marco Polo Marine Ltd.	Industrials	76	12/20	○ Weak Screen Match	5
37	BQF	XMH Holdings Ltd.	Industrials	89	14/20	○ Weak Screen Match	4
38	F9D	Boustead Singapore Limited	Industrials	81	14/20	○ Weak Screen Match	5
39	T14	Tianjin Pharmaceutical Da Ren Tang Group Corporation Limited	Healthcare	87	15/20	○ Weak Screen Match	4
40	URR	Sim Leisure Group Ltd.	Consumer Cyclical	95	16/20	○ Weak Screen Match	5

Per-Stock Analysis

C41

Cortina Holdings Limited

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

S1: 95/100

S2: 3/20

⭐⭐⭐ Strong Screen Match↑ summary

What changed since the prior analysis

Stage 2 improved from 5/20 to 3/20 and moved from 2-star to 3-star. Lower scores are better.

Receivables vs Revenue Growth worsened: -26.4% → +152.1% (green → red, +2 points).
Cash Conversion improved: 0.85x → 1.94x (yellow → green, -2 points).
Revenue Growth YoY trend penalty improved: +6.4% → +13.5% (green → green, -1 point).
Net Debt / EBITDA trend penalty improved: 0.28x → -0.23x (green → green, -1 point).

What to verify next: Review receivable ageing, customer payment terms, project billing milestones, and subsequent collections.

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	-1.42×	● 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	-0.23×	● 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	+152.1%	● 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	+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

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

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: 90/100

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

P8Z

Bumitama Agri Ltd.

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

S1: 88/100

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

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

OTX

Medinex Limited

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

S1: 89/100

S2: 4/20

⭐⭐ Watchlist Match↑ summary

What changed since the prior analysis

Stage 2 improved from 5/20 to 4/20. Lower scores are better.

Receivables vs Revenue Growth worsened: +8.1% → +17.2% (yellow → red, +1 point).
Revenue Growth YoY trend penalty improved: +1.8% → -3.1% (yellow → yellow, -1 point).
NI / Gross Profit Stability improved: 0.29x → 0.22x (yellow → green, -1 point).

What to verify next: Review receivable ageing, customer payment terms, project billing milestones, and subsequent collections.

Module A — Earnings Quality
A1	Cash Conversion	1.22×	● 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	-0.86×	● 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	-3.1%	● 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	-0.54×	● 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	+17.2%	● 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	+80.2%	● 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	0.22×	● 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	+2.8%	● 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

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

Q0X

Ley Choon Group Holdings Limited

Industrials · 5 years data · ●1 Red

S1: 83/100

S2: 4/20

⭐⭐ Watchlist Match↑ summary

What changed since the prior analysis

Stage 2 improved from 7/20 to 4/20 and moved from 1-star to 2-star. Lower scores are better.

Operating Leverage worsened: +26.9% → -18.7% (green → red, +2 points).
Net Debt / EBITDA trend penalty worsened: -0.38x → 0.07x (green → green, +1 point).
Revenue Growth YoY improved: +1.1% → +10.3% (yellow → green, -2 points).
Receivables vs Revenue Growth improved: +45.0% → -33.4% (red → green, -2 points).
Gross Margin Trend trend penalty improved: +20.7% → +17.2% (green → green, -1 point).

What to verify next: Review cost growth and whether gross profit is keeping pace with revenue. Review debt, cash balances, refinancing needs, and the direction of leverage.

Module A — Earnings Quality
A1	Cash Conversion	0.99×	● 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	-0.10×	● 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	+10.3%	● 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	-18.7%	● 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	0.07×	● 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	-33.4%	● 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	+17.2%	● 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	0.40×	● 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	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

O9E

Parkson Retail Asia Limited

Consumer Cyclical · 4 years data · ●1 Red ●2 Yellow

S1: 80/100

S2: 4/20

⭐⭐ Watchlist Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	3.48×	● 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	-1.46×	● 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	+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	0.18×	● 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	+34.6%	● 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	+68.7%	● 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×	● 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	0.90×	● 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	+0.6%	● 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

Q0F

IHH Healthcare Berhad

Healthcare · 4 years data · ●2 Yellow

S1: 59/100

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

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

S19

Singapore Shipping Corporation Limited

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

S1: 95/100

S2: 5/20

⭐⭐ Watchlist Match↑ summary

What changed since the prior analysis

Stage 2 worsened from 0/20 to 5/20 and moved from 3-star to 2-star. Lower scores are better.

Receivables vs Revenue Growth worsened: -23.3% → +20.0% (green → red, +2 points).
Cash Conversion trend penalty worsened: 1.80x → 1.41x (green → green, +1 point).
Non-Operating Income worsened: 0.14x → 0.22x (green → yellow, +1 point).
Revenue Growth YoY worsened: +6.7% → +4.2% (green → yellow, +1 point).

What to verify next: Review receivable ageing, customer payment terms, project billing milestones, and subsequent collections. Check whether weaker cash conversion reflects collection timing, working capital, or lower-quality earnings. Identify the non-operating item and whether it is recurring.

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	0.22×	● 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	+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	+26.0%	● 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	-3.80×	● 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	+20.0%	● 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	+28.6%	● 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	1.14×	● 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	+4.6%	● 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

BHU

SUTL Enterprise Limited

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

S1: 91/100

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

AGS

The Hour Glass Limited

Consumer Cyclical · 5 years data · ●1 Red ●2 Yellow

S1: 91/100

S2: 5/20

⭐⭐ Watchlist Match↑ summary

What changed since the prior analysis

Stage 2 worsened from 4/20 to 5/20. Lower scores are better.

Receivables vs Revenue Growth worsened: -1.4% → +68.5% (green → red, +2 points).
Gross Margin Trend worsened: +30.9% → +30.4% (green → yellow, +1 point).
Revenue Growth YoY improved: +2.9% → +15.1% (yellow → green, -2 points).

What to verify next: Review receivable ageing, customer payment terms, project billing milestones, and subsequent collections. Check pricing, product mix, and cost pressures behind the margin movement.

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	-0.09×	● 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	+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	0.21×	● 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	+68.5%	● 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	+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

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

5ML

Old Chang Kee Ltd.

Consumer Cyclical · 5 years data · ●1 Red ●2 Yellow

S1: 92/100

S2: 6/20

⭐⭐ Watchlist Match↑ summary

What changed since the prior analysis

Stage 2 worsened from 4/20 to 6/20. Lower scores are better.

Receivables vs Revenue Growth worsened: -58.5% → +33.7% (green → red, +2 points).
Operating Leverage worsened: +2.5% → -0.1% (green → yellow, +1 point).
NI / Gross Profit Stability improved: 0.16x → 0.13x (yellow → green, -1 point).

What to verify next: Review receivable ageing, customer payment terms, project billing milestones, and subsequent collections. Review cost growth and whether gross profit is keeping pace with revenue.

Module A — Earnings Quality
A1	Cash Conversion	2.47×	● 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	-0.42×	● 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	+1.5%	● 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	-0.1%	● 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	-1.24×	● 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	+33.7%	● 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	+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	0.13×	● 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	+6.5%	● 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

LCC

$ Lum Chang Creat

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

S1: 77/100

S2: 6/20

⭐⭐ Watchlist Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	1.75×	● 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	-0.26×	● 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	+92.5%	● 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	+17.6%	● 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	-1.53×	● 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	+64.8%	● 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	+19.7%	● 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	0.58×	● 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	+67.0%	● 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

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

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

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

NPW

Malaysia Smelting Corporation Berhad

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

S1: 66/100

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

1C0

Emerging Towns & Cities Singapore Ltd.

Real Estate · 5 years data · ●3 Red

S1: 85/100

S2: 8/20

⭐ Mixed Screen Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	2.48×	● 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	+48.0%	● 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	+27.0%	● 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	+158.6%	● 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	+83.3%	● 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	0.16×	● 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	+104.6%	● 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

BBW

Azeus Systems Holdings Ltd.

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

S1: 85/100

S2: 8/20

⭐ Mixed Screen Match↑ summary

What changed since the prior analysis

Stage 2 worsened from 3/20 to 8/20 and moved from 3-star to 1-star. Lower scores are better.

Receivables vs Revenue Growth worsened: -6.6% → +54.1% (green → red, +2 points).
Cash Conversion worsened: 1.19x → 0.84x (green → yellow, +2 points).
Revenue Growth YoY worsened: +44.3% → -1.7% (green → yellow, +2 points).
Operating Leverage worsened: +11.5% → -0.6% (green → yellow, +1 point).
Net Debt / EBITDA trend penalty improved: -1.19x → -1.43x (green → green, -1 point).

What to verify next: Review receivable ageing, customer payment terms, project billing milestones, and subsequent collections. Check whether weaker cash conversion reflects collection timing, working capital, or lower-quality earnings. Check whether weaker revenue growth is temporary, project-timing related, or structural.

Module A — Earnings Quality
A1	Cash Conversion	0.84×	● 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	-0.12×	● 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	-1.7%	● 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	-0.6%	● 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	-1.43×	● 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	+54.1%	● 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	+76.2%	● 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	0.38×	● 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	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	+19.7%	● 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: 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

T12

Tat Seng Packaging Group Ltd

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

S1: 80/100

S2: 9/20

⭐ Mixed Screen Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	1.61×	● 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	-0.06×	● 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	-8.9%	● 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	-5.4%	● 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	-1.52×	● 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	+2.4%	● 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	+20.9%	● 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	0.35×	● 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	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	+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

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

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

V7R

Resources Global Development Limited

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

S1: 76/100

S2: 10/20

○ Weak Screen Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	1.20×	● 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	0.10×	● 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	+50.0%	● 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	-50.0%	● 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	0.87×	● 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	-86.6%	● 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	+31.3%	● 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	0.66×	● 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	0.67×	● 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	+48.5%	● 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: 90/100

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: 90/100

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

SGR

$ Sheffield Green

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

S1: 76/100

S2: 11/20

○ Weak Screen Match↑ summary

Module A — Earnings Quality
A1	Cash Conversion	2.71×	● 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	-0.92×	● 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	+12.1%	● 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	-5.5%	● 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	-2.23×	● 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	+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	+28.1%	● 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	0.18×	● 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	0.76×	● 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	+138.0%	● 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

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

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

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

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: 95/100

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

SGX — Stage 2 Quality Filter

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