SGX:S3NReal Estate
Global Resource Construction (SGX:S3N) Stock Rises On Profit Shift But Cash Questions Persist
Global Resource Construction closed at SGD0.128 on Friday after a strong run over the past month, yet the real story sits in the earnings line. The company is now profitable over the last twelve months with net income from continuing operations of SGD12.5 million. That profit shift is the headline, not the day’s price flicker.
The catch is earnings quality. A high share of non cash items sits inside that profit, while the stock trades on a P/E of 34.2x against a DCF estimate of fair value at...