The Accounting Investor

Top Glove (SGX:BVAU / Bursa:TOPGLOV) 1Q FY2026 Results — Recovery Is Real, But This Is Still a Cyclical Stock A calm, accounting-led review of Top Glove’s first profitable quarter post-downturn — what has genuinely improved, what remains fragile, and how investors should frame risk realistically. Published: December 2025 | Based on: Top Glove Corporation Bhd 1Q FY2026 Unaudited Financial Results Key Takeaways (If You Only Have 30 Seconds) Profit has returned : PATAMI ~RM39m vs ~RM5m a year ago — clear sign the cycle has turned. Volume recovery is genuine (+17% YoY), but pricing power remains weak . Margin improvement is utilisation-driven , not ASP-driven — important for sustainability. Cash flow this quarter is noisy due to money-market movements — focus on multi-quarter trends. This is a cyclical recovery play , not a long-term compounding stock. Re-rating requires several consecutive profitable quarters , not just...

Stamford Tyres (SGX:S29) 1H FY2026 Results — Defensive Execution, Cash Matters More Than Growth A street-level, accounting-first breakdown of Stamford Tyres’ interim results — what is holding up, what is under pressure, and how retail investors should frame this business. Published: December 2025 | Based on: Stamford Tyres Corporation Ltd 1H FY2026 Unaudited Condensed Interim Financial Statements Quick Health Meter (Street View) Green Flags Revenue held flat in a tough operating environment. Operating cash flow rebounded strongly. Inventory actively managed rather than left to balloon. Business remains operationally profitable (before financing pressure). Red Flags Gross margins remain thin and easily squeezed. Large amount of capital tied up in inventory. Interest costs remain meaningful despite debt management. No clear structural grow...

ecoWise (SGX:Cw) Q2 FY2026 Results — Revenue Up, Still Loss-Making, With Audit-Legacy & Dilution Risks to Watch A calm, accounting-led breakdown of ecoWise’s quarterly announcement: what improved, what’s still weak, and the red flags retail investors must understand (in plain English). Published: December 2025 | Based on: ecoWise Q2 FY2026 Announcement (Catalist Appendix 7C quarterly reporting) Quick “Health Meter” (For Busy Retail Investors) Operations 🟡 Improving, but not yet proven Profitability 🔴 Still loss-making (needs margin + cost discipline) Cash & Liquidity 🟢 Net cash vs borrowings (but monitor working capital) Governance / Reliability 🔴 Legacy “qualified audit opinion” context + mandatory quarterly reporting ...

Vibrant Group (SGX:VIBR) 1H FY2026 Results — Asset-Backed, But In Net Debt and Still Earnings-Uneven A calm, accounting-led review of Vibrant Group’s interim results — the hard numbers, the balance sheet reality, and the catalysts that could (or could not) unlock value. Published: December 2025 | Based on: Vibrant Group 1H FY2026 Unaudited Condensed Interim Financial Statements + subsequent SGX disclosures in late 2025 (where referenced) Key Takeaways (If You Only Have 30 Seconds) Revenue fell YoY (~ S$71.0m vs ~ S$78.7m ), but net profit rose (~ S$5.2m vs ~ S$3.3m ) — a “top line down, bottom line up” half-year that needs earnings-quality checks. Balance sheet is not net cash : cash ~ S$65.3m vs borrowings ~ S$161.4m → net debt ~S$96.1m . Despite net debt, the stock still screens as deep value on asset metrics: trading at roughly ~0.4–0.5× P/B (NTA/NAV often cited around ~S$0.33–0.34 per share, de...