Profit Up 42%. Cash Flow Negative $96 Million. Something Doesn't Add Up. | EP1654🦖

Profit Up 42%. Cash Flow Negative $96 Million. Something Doesn't Add Up. | EP1654🦖

S$37.5m profit up, S$96m free cash flow down. That is the part that made me stop and read the cash flow line three times. When your order book crosses S$700m and analysts are cheering, but the bank account is going the other way, the story is no longer about growth, it is about execution and who is really funding your dividend.

If your trailing yield is 2.0 per cent and every cent of that 2025 dividend was effectively paid with S$103m of new borrowings, the risk is not that the yield gets cut, it is that your CPF and SRS are quietly underwriting someone else’s growth story.

📺 YouTube: https://youtu.be/DmDEYV8UDCI

📩 Substack: https://investingiguana.com/p/profit-up-42-cash-flow-negative-96

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Cash Flow Negative $96 Million. Something Doesn't Add Up. | EP1654🦖","html":"<html><head></head><body>\n<img src=\"https://community-static.tradeup.com/news/aa80058a8da506667af2be0714d9860b\" tg-width=\"1920\" tg-height=\"1080\">\n\nProfit Up 42%. Cash Flow Negative $96 Million. Something Doesn't Add Up. | EP1654🦖\nS$37.5m profit up, S$96m free cash flow down. That is the part that made me stop and read the cash flow line three times. When your order book crosses S$700m and analysts are cheering, but the bank account is going the other way, the story is no longer about growth, it is about execution and who is really funding your dividend.\nIf your trailing yield is 2.0 per cent and every cent of that 2025 dividend was effectively paid with S$103m of new borrowings, the risk is not that the yield gets cut, it is that your CPF and SRS are quietly underwriting someone else’s growth story.\n📺 YouTube: https://youtu.be/DmDEYV8UDCI\n📩 Substack: https://investingiguana.com/p/profit-up-42-cash-flow-negative-96</body></html>","htmlText":"<html><head></head><body>\n<img src=\"https://community-static.tradeup.com/news/aa80058a8da506667af2be0714d9860b\" tg-width=\"1920\" tg-height=\"1080\">\n\nProfit Up 42%. Cash Flow Negative $96 Million. Something Doesn't Add Up. | EP1654🦖\nS$37.5m profit up, S$96m free cash flow down. That is the part that made me stop and read the cash flow line three times. When your order book crosses S$700m and analysts are cheering, but the bank account is going the other way, the story is no longer about growth, it is about execution and who is really funding your dividend.\nIf your trailing yield is 2.0 per cent and every cent of that 2025 dividend was effectively paid with S$103m of new borrowings, the risk is not that the yield gets cut, it is that your CPF and SRS are quietly underwriting someone else’s growth story.\n📺 YouTube: https://youtu.be/DmDEYV8UDCI\n📩 Substack: https://investingiguana.com/p/profit-up-42-cash-flow-negative-96</body></html>","text":"Profit Up 42%. Cash Flow Negative $96 Million. Something Doesn't Add Up. | EP1654🦖 S$37.5m profit up, S$96m free cash flow down. That is the part that made me stop and read the cash flow line three times. When your order book crosses S$700m and analysts are cheering, but the bank account is going the other way, the story is no longer about growth, it is about execution and who is really funding your dividend. 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