Financial Distress Early Warning
Screening SGX-listed companies for signs of financial stress using three established academic models. REITs are excluded from Z-Score calculations due to their structurally high leverage. These scores are analytical tools only and do not constitute financial advice.
Companies Screened
167
Severe Risk
134
High Risk
22
Z'' Distress Zone
0
Models Used
- Altman Z-Score(manufacturing): Z = 1.2(WC/TA) + 1.4(RE/TA) + 3.3(EBIT/TA) + 0.6(MCap/TL) + 1.0(Rev/TA). Safe >2.99, Grey 1.81-2.99, Distress <1.81.
- Altman Z''-Score(services/non-manufacturing): Z'' = 6.56(WC/TA) + 3.26(RE/TA) + 6.72(EBIT/TA) + 1.05(MCap/TL). Safe >2.6, Grey 1.1-2.6, Distress <1.1. Better suited to SGX's service-heavy market.
- Piotroski F-Score (0-9): 4 profitability signals + 3 leverage signals + 2 efficiency signals. Strong 7-9, Moderate 4-6, Weak 0-3.
- Composite Risk Level:Weighted combination of Z''-Score zone and Piotroski F-Score. REITs are assessed on Piotroski only (Z-Scores excluded due to structural leverage).
Note: Retained earnings are approximated using total equity as a proxy, since the database does not include a separate retained earnings column. This may overstate X2 for companies with large share premium reserves.
| Ticker | Company | Sector | Z-Score | Z-Zone | Z''-Score | Z''-Zone | Piotroski F | Risk Level |
|---|---|---|---|---|---|---|---|---|
| 1B0 | mm2 Asia Ltd | Communication Services | - | - | - | - | 0/9 | Severe |
| 1D0 | Kimly Ltd | Consumer Discretionary | - | - | - | - | 2/9 | Severe |
| 1F1 | Clearbridge Health Ltd | Health Care | - | - | - | - | 0/9 | Severe |
| 1F3 | Noel Gifts International Ltd | Consumer Discretionary | - | - | - | - | 0/9 | Severe |
| 1J5 | Hyphens Pharma International Ltd | Health Care | - | - | - | - | 2/9 | Severe |
| 40T | Stamford American International School | Consumer Discretionary | - | - | - | - | 2/9 | Severe |
| 40V | iX Biopharma Ltd | Health Care | - | - | - | - | 1/9 | Severe |
| 42R | Jumbo Group Ltd | Consumer Discretionary | - | - | - | - | 2/9 | Severe |
| 544 | CSE Global Ltd | Information Technology | - | - | - | - | 2/9 | Severe |
| 558 | UMS Holdings Ltd | Information Technology | - | - | - | - | 2/9 | Severe |
| 5CF | SinoCloud Group Ltd | Information Technology | - | - | - | - | 2/9 | Severe |
| 5DD | Micro-Mechanics Holdings Ltd | Information Technology | - | - | - | - | 2/9 | Severe |
| 5E2 | Seatrium Ltd | Energy | - | - | - | - | 2/9 | Severe |
| 5GD | HC Surgical Specialists Ltd | Health Care | - | - | - | - | 2/9 | Severe |
| 5ML | Old Chang Kee Ltd | Consumer Staples | - | - | - | - | 2/9 | Severe |
| 5OI | Japan Foods Holding Ltd | Consumer Discretionary | - | - | - | - | 0/9 | Severe |
| 5TP | UMS Integration Ltd | Information Technology | - | - | - | - | 2/9 | Severe |
| 5UX | Oxley Holdings Ltd | Real EstateREIT | - | - | - | - | 1/9 | Severe |
| 5WH | Rex International Holding Ltd | Energy | - | - | - | - | 0/9 | Severe |
| 8AZ | Aztech Global Ltd | Information Technology | - | - | - | - | 2/9 | Severe |
| 9CI | CapitaLand Investment Ltd | Real EstateREIT | - | - | - | - | 2/9 | Severe |
| A04 | ASL Marine Holdings Ltd | Industrials | - | - | - | - | 2/9 | Severe |
| A17U | CapitaLand Ascendas REIT | Real EstateREIT | - | - | - | - | 2/9 | Severe |
| A50 | Thomson Medical Group Ltd | Health Care | - | - | - | - | 2/9 | Severe |
| AGS | The Hour Glass Ltd | Consumer Discretionary | - | - | - | - | 2/9 | Severe |
| AIY | iFAST Corporation Ltd | Financials | - | - | - | - | 2/9 | Severe |
| AP4 | Riverstone Holdings Ltd | Health Care | - | - | - | - | 2/9 | Severe |
| AU8U | CapitaLand China Trust | Real EstateREIT | - | - | - | - | 1/9 | Severe |
| AWX | AEM Holdings Ltd | Information Technology | - | - | - | - | 2/9 | Severe |
| B61 | Bukit Sembawang Estates Ltd | Real EstateREIT | - | - | - | - | 2/9 | Severe |
| B73 | GP Industries Ltd | Industrials | - | - | - | - | 2/9 | Severe |
| BCD | Indo Agri Resources Ltd | Consumer Staples | - | - | - | - | 0/9 | Severe |
| BEZ | Dyna-Mac Holdings Ltd | Energy | - | - | - | - | 2/9 | Severe |
| BHK | UOI Ltd | Financials | - | - | - | - | 2/9 | Severe |
| BN2 | Valuetronics Holdings Ltd | Information Technology | - | - | - | - | 2/9 | Severe |
| BN4 | Keppel Ltd | Industrials | - | - | - | - | 2/9 | Severe |
| BQF | Mewah International Inc | Consumer Staples | - | - | - | - | 1/9 | Severe |
| BS6 | Yangzijiang Shipbuilding Holdings Ltd | Industrials | - | - | - | - | 2/9 | Severe |
| BSL | Raffles Medical Group Ltd | Health Care | - | - | - | - | 2/9 | Severe |
| BTOU | Manulife US REIT | Real EstateREIT | - | - | - | - | 1/9 | Severe |
| BUOU | Frasers Logistics & Commercial Trust | Real EstateREIT | - | - | - | - | 2/9 | Severe |
| C07 | Jardine Cycle & Carriage Ltd | Consumer Discretionary | - | - | - | - | 2/9 | Severe |
| C09 | City Developments Ltd | Real EstateREIT | - | - | - | - | 2/9 | Severe |
| C2PU | Parkway Life Real Estate Investment Trust | Real EstateREIT | - | - | - | - | 2/9 | Severe |
| C33 | Tat Seng Packaging Group Ltd | Materials | - | - | - | - | 2/9 | Severe |
| C38U | CapitaLand Integrated Commercial Trust | Real EstateREIT | - | - | - | - | 2/9 | Severe |
| C52 | ComfortDelGro Corporation Ltd | Industrials | - | - | - | - | 2/9 | Severe |
| C6L | Singapore Airlines Ltd | Industrials | - | - | - | - | 2/9 | Severe |
| C76 | Singapore Land Group Ltd | Real EstateREIT | - | - | - | - | 0/9 | Severe |
| C8R | Jiutian Chemical Group Ltd | Materials | - | - | - | - | 0/9 | Severe |
| CC3 | StarHub Ltd | Communication Services | - | - | - | - | 2/9 | Severe |
| CJLU | NetLink NBN Trust | Communication Services | - | - | - | - | 1/9 | Severe |
| CMOU | Keppel Pacific Oak US REIT | Real EstateREIT | - | - | - | - | 1/9 | Severe |
| CY6U | Dasin Retail Trust (Units) | Real EstateREIT | - | - | - | - | 2/9 | Severe |
| D01 | DFI Retail Group Holdings Ltd | Consumer Staples | - | - | - | - | 2/9 | Severe |
| D03 | Del Monte Pacific Ltd | Consumer Staples | - | - | - | - | 2/9 | Severe |
| D05 | DBS Group Holdings Ltd | Financials | - | - | - | - | 2/9 | Severe |
| D5IU | Lippo Malls Indonesia Retail Trust | Real EstateREIT | - | - | - | - | 1/9 | Severe |
| D8DU | ARA US Hospitality Trust | Real EstateREIT | - | - | - | - | 1/9 | Severe |
| E28 | Frencken Group Ltd | Information Technology | - | - | - | - | 2/9 | Severe |
| E5H | Golden Agri-Resources Ltd | Consumer Staples | - | - | - | - | 2/9 | Severe |
| EB5 | First Resources Ltd | Consumer Staples | - | - | - | - | 2/9 | Severe |
| EMI | Emperador Inc | Consumer Staples | - | - | - | - | 2/9 | Severe |
| F10 | Frasers Centrepoint Asset Management Ltd | Real EstateREIT | - | - | - | - | 0/9 | Severe |
| F17 | Guocoland Ltd | Real EstateREIT | - | - | - | - | 2/9 | Severe |
| F34 | Wilmar International Ltd | Consumer Staples | - | - | - | - | 2/9 | Severe |
| F9D | Boustead Singapore Ltd | Industrials | - | - | - | - | 2/9 | Severe |
| G07 | Great Eastern Life Assurance Company Ltd | Financials | - | - | - | - | 1/9 | Severe |
| G13 | Genting Singapore Ltd | Consumer Discretionary | - | - | - | - | 2/9 | Severe |
| G92 | China Aviation Oil (Singapore) Corp Ltd | Energy | - | - | - | - | 2/9 | Severe |
| H02 | Haw Par Corporation Ltd | Health Care | - | - | - | - | 2/9 | Severe |
| H07 | Hiap Hoe Ltd | Real EstateREIT | - | - | - | - | 2/9 | Severe |
| H15 | Hotel Properties Ltd | Real EstateREIT | - | - | - | - | 2/9 | Severe |
| H30 | Hutchison Port Holdings Trust | Industrials | - | - | - | - | 2/9 | Severe |
| H78 | Hongkong Land Holdings Ltd | Real EstateREIT | - | - | - | - | 2/9 | Severe |
| HMN | Ascott Residence Trust | Real EstateREIT | - | - | - | - | 2/9 | Severe |
| I07 | ISDN Holdings Ltd | Industrials | - | - | - | - | 2/9 | Severe |
| J2T | Japfa Comfeed Indonesia Tbk | Consumer Staples | - | - | - | - | 2/9 | Severe |
| J36 | Jardine Matheson Holdings Ltd | Industrials | - | - | - | - | 2/9 | Severe |
| J69U | Frasers Centrepoint Trust | Real EstateREIT | - | - | - | - | 2/9 | Severe |
| J85 | CDL Hospitality Trusts | Real EstateREIT | - | - | - | - | 2/9 | Severe |
| JYEU | Lendlease Global Commercial REIT | Real EstateREIT | - | - | - | - | 2/9 | Severe |
| K03 | Koda Ltd | Consumer Discretionary | - | - | - | - | 2/9 | Severe |
| K29 | KORI Holdings Ltd | Industrials | - | - | - | - | 1/9 | Severe |
| K71U | Keppel REIT | Real EstateREIT | - | - | - | - | 2/9 | Severe |
| L38 | Leverage Shares PLC | Financials | - | - | - | - | 1/9 | Severe |
| LJ3 | Keppel Corporation Ltd | Industrials | - | - | - | - | 1/9 | Severe |
| M01 | Great Eastern Holdings Ltd | Financials | - | - | - | - | 1/9 | Severe |
| M14 | InnoTek Ltd | Information Technology | - | - | - | - | 1/9 | Severe |
| M44U | Mapletree Logistics Trust | Real EstateREIT | - | - | - | - | 2/9 | Severe |
| ME8U | Mapletree Industrial Trust | Real EstateREIT | - | - | - | - | 2/9 | Severe |
| MR7 | Moya Holdings Asia Ltd | Utilities | - | - | - | - | 2/9 | Severe |
| MV4 | Strides Pharma Science Ltd | Health Care | - | - | - | - | 2/9 | Severe |
| MZH | Nanofilm Technologies International Ltd | Information Technology | - | - | - | - | 2/9 | Severe |
| N2IU | Mapletree Pan Asia Commercial Trust | Real EstateREIT | - | - | - | - | 2/9 | Severe |
| NC2 | RH Petrogas Ltd | Energy | - | - | - | - | 0/9 | Severe |
| NR7 | NIO Inc | Consumer Discretionary | - | - | - | - | 2/9 | Severe |
| O39 | Oversea-Chinese Banking Corporation Ltd | Financials | - | - | - | - | 2/9 | Severe |
| OU8 | Centurion Corporation Ltd | Real EstateREIT | - | - | - | - | 2/9 | Severe |
| OV8 | Sheng Siong Group Ltd | Consumer Staples | - | - | - | - | 2/9 | Severe |
| OYY | PropNex Ltd | Real EstateREIT | - | - | - | - | 2/9 | Severe |
| P15 | Pacific Century Regional Developments Ltd | Communication Services | - | - | - | - | 0/9 | Severe |
| P34 | Delfi Ltd | Consumer Staples | - | - | - | - | 2/9 | Severe |
| P52 | Singapore O&G Ltd | Health Care | - | - | - | - | 2/9 | Severe |
| P8Z | Bumitama Agri Ltd | Consumer Staples | - | - | - | - | 2/9 | Severe |
| P9D | Pan Jit International Inc | Information Technology | - | - | - | - | 2/9 | Severe |
| Q0F | IHH Healthcare Berhad | Health Care | - | - | - | - | 2/9 | Severe |
| QES | QES Group Berhad | Information Technology | - | - | - | - | 2/9 | Severe |
| R14 | Resources Prima Group Ltd | Energy | - | - | - | - | 0/9 | Severe |
| RE4 | Geo Energy Resources Ltd | Energy | - | - | - | - | 2/9 | Severe |
| S07 | Singapore Finance Ltd | Financials | - | - | - | - | 2/9 | Severe |
| S20 | Straits Trading Company Ltd | Industrials | - | - | - | - | 2/9 | Severe |
| S56 | Singapore Reinsurance Corporation Ltd | Financials | - | - | - | - | 2/9 | Severe |
| S58 | SATS Ltd | Industrials | - | - | - | - | 2/9 | Severe |
| S63 | Singapore Technologies Engineering Ltd | Industrials | - | - | - | - | 2/9 | Severe |
| S68 | Singapore Exchange Ltd | Financials | - | - | - | - | 2/9 | Severe |
| S71 | Sunningdale Tech Ltd | Industrials | - | - | - | - | 0/9 | Severe |
| S85 | Straco Corporation Ltd | Consumer Discretionary | - | - | - | - | 1/9 | Severe |
| T14 | Tuan Sing Holdings Ltd | Real EstateREIT | - | - | - | - | 2/9 | Severe |
| T24 | Tye Soon Ltd | Industrials | - | - | - | - | 2/9 | Severe |
| T6I | Tiong Seng Holdings Ltd | Industrials | - | - | - | - | 2/9 | Severe |
| T82U | Suntec Real Estate Investment Trust | Real EstateREIT | - | - | - | - | 2/9 | Severe |
| TQ5 | Frasers Property Ltd | Real EstateREIT | - | - | - | - | 2/9 | Severe |
| U06 | United Overseas Land Ltd | Real EstateREIT | - | - | - | - | 2/9 | Severe |
| U11 | United Overseas Bank Ltd | Financials | - | - | - | - | 2/9 | Severe |
| U77 | SingHaiyi Group Ltd | Real EstateREIT | - | - | - | - | 1/9 | Severe |
| U96 | SembCorp Industries Ltd | Utilities | - | - | - | - | 2/9 | Severe |
| V03 | Venture Corporation Ltd | Information Technology | - | - | - | - | 2/9 | Severe |
| VC2 | Olam Group Ltd | Consumer Staples | - | - | - | - | 2/9 | Severe |
| W05 | Wing Tai Holdings Ltd | Real EstateREIT | - | - | - | - | 1/9 | Severe |
| Y92 | Thai Beverage Public Company Ltd | Consumer Staples | - | - | - | - | 2/9 | Severe |
| YF8 | YZJ Financial Holdings Ltd | Financials | - | - | - | - | 2/9 | Severe |
| Z59 | Yongnam Holdings Ltd | Industrials | - | - | - | - | 1/9 | Severe |
| Z74 | Singapore Telecommunications Ltd | Communication Services | - | - | - | - | 1/9 | Severe |
| A7RU | Keppel Infrastructure Trust | Utilities | - | - | - | - | 4/9 | High |
| AJBU | Keppel DC REIT | Real EstateREIT | - | - | - | - | 4/9 | High |
| BMGU | BHG Retail REIT | Real EstateREIT | - | - | - | - | 4/9 | High |
| CRPU | Sasseur REIT | Real EstateREIT | - | - | - | - | 3/9 | High |
| DCRU | Digital Core REIT | Real EstateREIT | - | - | - | - | 4/9 | High |
| DHLU | Daiwa House Logistics Trust | Real EstateREIT | - | - | - | - | 4/9 | High |
| F03 | Food Empire Holdings Ltd | Consumer Staples | - | - | - | - | 4/9 | High |
| H13 | Ho Bee Land Ltd | Real EstateREIT | - | - | - | - | 3/9 | High |
| M1GU | Sabana Industrial REIT | Real EstateREIT | - | - | - | - | 3/9 | High |
| MXNU | Elite Commercial REIT | Real EstateREIT | - | - | - | - | 4/9 | High |
| O5RU | AIMS APAC REIT | Real EstateREIT | - | - | - | - | 4/9 | High |
| ODBU | United Hampshire US REIT | Real EstateREIT | - | - | - | - | 3/9 | High |
| OXMU | Prime US REIT | Real EstateREIT | - | - | - | - | 3/9 | High |
| P40U | Starhill Global REIT | Real EstateREIT | - | - | - | - | 4/9 | High |
| Q5T | Far East Hospitality Trust | Real EstateREIT | - | - | - | - | 4/9 | High |
| S08 | Singapore Post Ltd | Industrials | - | - | - | - | 3/9 | High |
| S59 | SIA Engineering Company Ltd | Industrials | - | - | - | - | 3/9 | High |
| S61 | SBS Transit Ltd | Industrials | - | - | - | - | 4/9 | High |
| TS0U | OUE REIT | Real EstateREIT | - | - | - | - | 3/9 | High |
| U14 | UOL Group Ltd | Real EstateREIT | - | - | - | - | 4/9 | High |
| WJP | Vicom Ltd | Industrials | - | - | - | - | 4/9 | High |
| Z25 | Yanlord Land Group Ltd | Real EstateREIT | - | - | - | - | 3/9 | High |
| 5AI | OKP Holdings Ltd | Industrials | - | - | - | - | - | Moderate |
| 5BI | Serial System Ltd | Information Technology | - | - | - | - | - | Moderate |
| A30 | Asia Enterprises Holding Ltd | Materials | - | - | - | - | - | Moderate |
| BEW | Frasers Centrepoint Ltd | Real EstateREIT | - | - | - | - | - | Moderate |
| BHU | Dasin Retail Trust | Real EstateREIT | - | - | - | - | - | Moderate |
| C05 | CDL Investments New Zealand Ltd | Real EstateREIT | - | - | - | - | - | Moderate |
| N32 | Nera Telecommunications Ltd | Communication Services | - | - | - | - | - | Moderate |
| T12 | TSH Corporation Ltd | Materials | - | - | - | - | - | Moderate |
| T55 | Travelodge Hotels Asia Pte Ltd | Consumer Discretionary | - | - | - | - | - | Moderate |
| U13 | United Industrial Corporation Ltd | Real EstateREIT | - | - | - | - | - | Moderate |
| YK9 | Yangzijiang Financial Holding Ltd | Financials | - | - | - | - | - | Moderate |
Scores and ratings are generated using disclosed methodologies and may not capture all relevant factors. They are analytical tools, not recommendations. Past performance is not indicative of future results.