SPRINGVIEW HOLDINGS LTD

Loss-making Singapore residential/commercial builder with delisting history and weak returns.

Strengths

• Solid balance-sheet liquidity (current/quick ratio ~3.4, ~75th pct) and low leverage
• Net income growth positive off a low base (75th pct)

Risks

• Net margin -30%, ROE -34% (13th pct), negative operating cash flow — a clear loss year
• Revenue down 11% with lumpy, project-based, non-recurring contracts
• Recent Nasdaq delisting appeal, 1-for-8 reverse split, and identified internal-control weaknesses

Notable findings

• Net lossNet loss (net margin -30.1%)
• Material weakness● Failing to address and remedy the identified weaknesses in our internal control over financial reporting, together with the potential occurrence of additional material weaknesses, could adversely im