Sometimes the stock market creates a puzzle for investors. All three of the Straits Times Index’s worst performers for March 2026 reported strong headline results for their latest full years. profits increased, dividend were extended, and order books looked healthy. Yet their share prices lagged behind the rest of the pack. Common thread? In each case, the market appeared to be reading beyond the headlines – examining the quality of cash flows, the sustainability of one-time gains and latent structural risks. let’s take a closer look.
Yangtze River Shipbuilding: Strong profits, but cash flow tells a different story
yangxiang shipbuilding (SGX:BS6), or YZJ, one of China’s largest non-state-owned shipbuilders, delivered an impressive set of FY2025 results. Revenue rose 7.4% year-on-year to RMB 28.5 billion, while gross profit rose 28% to RMB 9.8 billion, as margins expanded from 29% to 34%. Profit attributable to equity holders increased 30% year-on-year to RMB 8.6 billion. The group rewarded shareholders handsomely,…
