Weekly Changes
A dated record of material SGX screen movements, review-set statistics, and data caveats. Lower Stage 2 scores are better.
Weekly refresh
Material Stage 2 movements from the latest weekly review set.
| Counter | Movement | Stage 2 | Why it changed |
|---|---|---|---|
| BQF XMH Holdings Ltd. | Deteriorated | 7/20 → 10/20 1-star → 0-star | Operating Leverage worsened from +4.7% to -33.7%. |
Weekly refresh
Material Stage 2 movements from the latest weekly review set.
| Counter | Movement | Stage 2 | Why it changed |
|---|---|---|---|
| BQF XMH Holdings Ltd. | Improved | 14/20 → 7/20 0-star → 1-star | Revenue Growth YoY improved from -25.7% to +10.9%. |
| AGS The Hour Glass Limited | Improved | 5/20 → 3/20 2-star → 3-star | Receivables vs Revenue Growth improved from +68.5% to -55.5%. |
Weekly refresh
Material Stage 2 movements from the latest weekly review set.
No company-level movements are listed because this refresh established the comparison baseline.
Weekly refresh
Material Stage 2 movements from the latest weekly review set.
No company-level movements are listed because this refresh established the comparison baseline.
Weekly refresh
Material Stage 2 movements from the latest weekly review set.
| Counter | Movement | Stage 2 | Why it changed |
|---|---|---|---|
| 1L2 Hiap Seng Ind | Deteriorated | 7/20 → 10/20 1-star → 0-star | Cash Conversion worsened from 1.47x to 0.34x. |
Weekly refresh
The review set expanded to the top 20, existing watchlist names, and major movers. Two companies changed star bands downward and two improved into higher bands.
| Counter | Movement | Stage 2 | Why it changed |
|---|---|---|---|
| BBW Azeus Systems Holdings Ltd. | Deteriorated | 3/20 → 8/20 3-star → 1-star | Receivables outpaced revenue and cash conversion weakened after FY2026 figures were added. |
| S19 Singapore Shipping Corporation Limited | Deteriorated | 0/20 → 5/20 3-star → 2-star | Receivables growth moved materially ahead of revenue growth. |
| 5ML Old Chang Kee Ltd. | Deteriorated | 4/20 → 6/20 2-star → 2-star | The receivables-versus-revenue test moved from green to red. |
| F9D Boustead Singapore Limited | Deteriorated | 12/20 → 14/20 0-star → 0-star | Cash conversion, non-operating income, operating leverage, and profit stability weakened. |
| Q0X Ley Choon Group Holdings Limited | Improved | 7/20 → 4/20 1-star → 2-star | Revenue growth and receivables quality improved, offsetting weaker operating leverage. |
| C41 Cortina Holdings Limited | Improved | 5/20 → 3/20 2-star → 3-star | Cash conversion improved, although the receivables test requires separate review. |
Baseline refresh
Initial weekly baseline captured before consistent company-level change explanations were introduced.
No company-level movements are listed because this refresh established the comparison baseline.