SMID Research · evidence before opinion

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Recent results with the analytical tension made visible, followed by the public build-and-correction register.

Follow a question through the evidence. The research desk records the wording before and after a correction, the supporting sources and what remains open across five companies. Save a question or choose a date checkpoint; no account is required.

Narrative with a receipt. Each editorial headline pairs facts already supported on the linked evidence page. The tag says whether the frame uses reported facts alone or also transparent derivation. It is not a rating, recommendation or valuation conclusion.

What the headline numbers hide

SGX: JCO1H2026 results

JustCo Has No Bank Debt. Its Lease Liabilities Are US$407m.

Revenue rose 24% and operating cash flow reached US$45.0m, but the balance sheet still carries a lease-heavy funding obligation.

ReportedPage updated ASX: CVL / SGX: P9DFY2026 results

Civmec’s Revenue Reached A$903m. Operating Cash Flow Turned Negative.

Profit to owners rose 22.5%, yet FY2026 operating cash flow was negative A$23.1m as contract working capital absorbed cash.

ReportedPage updated SGX: WKS / AIM: WKS1H2026 results

Winking Grew 21%. Operating Cash Flow Went the Other Way.

Revenue reached US$23.47m, but the group reported a US$2.50m net loss and US$5.34m operating cash outflow.

ReportedPage updated SHE: 0020111H2026 results

DunAn’s Profit Fell 13%. Operating Cash Flow Rose 71%.

Revenue still grew 7.45% as earnings and cash diverged, shifting the next test to segment margin and automotive cash conversion.

ReportedPage updated SGX: H131H2026 results

Ho Bee Has S$223.7m of Group Cash. Current Borrowings Are S$928.8m.

Operating cash flow was S$136.9m, while S$58.0m of cash interest sat in financing activities. The open question is whether cash and refinancing reach the borrowers that owe the debt.

ReportedPage updated SGX: CHJ1H2026 results

Uni-Asia Earned US$5.8m Before Tax. Fleet Commitments Are US$31.4m.

Operating cash flow was US$4.36m, while two newbuilds still had no definitive financing disclosed.

ReportedPage updated HKEX: 25801H2026 results

AUX’s Revenue Fell 13%. Profit Fell More Than Three Times Faster.

Revenue declined to RMB17.50bn and attributable profit fell 40.8%, putting product margins and cash accessibility at the centre of the next filing.

Reported + DerivedPage updated SGX: 5CF1H2026 results

OKP’s 37.6% Margin Is the Result—and the Question.

Net profit reached S$27.3m and the order book rose to S$797.9m, but management says margins above 30% may not be sustainable.

Reported + DerivedPage updated SGX: 5WFFY2026 results

ISOTeam’s Margin Rose. Four-Year Operating Cash Barely Did.

Gross margin reached 18.3%, but FY2023–FY2026 operating cash was only S$0.485m against S$17.953m of shareholder profit.

Reported + DerivedPage updated SGX: YF81H2026 results; balance sheet at 30 June 2026

Yangzijiang Financial Had S$575.433m Cash. NPLs Were S$667.203m Gross.

At 30 June 2026, non-performing loans were S$228.009m net. 1H2026 profit of S$38.332m included a S$16.593m reversal of credit-loss allowances.

ReportedPage updated

Build and correction register

Build dates are not event dates. This register separates the date a page was rebuilt from the information cut-off inside the research. A later build does not by itself mean that a company event occurred or a conclusion changed.

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Food Empire Holdings SGX:F03

Latest public build
Information cut-off

Ho Bee Land SGX:H13

Latest public build
Information cut-off

PC Partner Group SGX:PCT

Latest public build
Information cut-off