Deep Value: cash covers about 90% of the stock price

This company holds roughly $8M in cash and investments — about 90% of its entire stock-market value, based on its latest quarterly filing. You're paying very little for the actual business. Sometimes that's a genuine bargain or a takeover target, sometimes it's cheap for a reason. Not a buy signal on its own — always ask why it's this cheap.

Memiontec Holdings

TWL.SI

Industrial - Pollution & Treatment Controls · Industrials

Price

S$0.01

+0.00 (+0.00%)

Market Cap

S$9.2M

Exchange

Stock Exchange of Singapore

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Mixed

Stability

Weak

Valuation

Data not available

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Share count rising — dilution

+23.0% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 912.5M (2021) → 1.12B (2025)

Winston Score History

The full picture

Memiontec Holdings Ltd. is a water treatment company based in Singapore. It designs, builds, and operates water purification and wastewater treatment systems, mainly for industrial and municipal customers across Southeast Asia. The company uses membrane filtration technology — a process that removes contaminants from water — to serve clients in industries like manufacturing, real estate, and government utilities.

Memiontec earns money by winning engineering contracts to build water treatment plants, and also through longer-term service and operations agreements to run those facilities. It operates primarily in Singapore, Indonesia, and China, keeping it exposed to infrastructure spending cycles in developing Asian markets. The company is small, with a market cap under $100 million, and faces stiff competition from larger regional and global water treatment firms. Its negative gross and operating margins signal that current costs are exceeding revenues, making a return to profitability the most pressing challenge the business faces right now.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-51.8% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+20.0% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

S$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

48.3%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

S$11M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Memiontec Holdings's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

-7.4%

Thin — -7.4% gross margin

Profit after running costs

Operating Margin

-34.9%

Losing money on operations — -34.9%

Return on the money invested

ROCE

-56.1%

Weak — -56.1% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

-54.2%

Shrinking sales (-54.2% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

46.4%

Converts sales into free cash efficiently (46.4%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

2.82

Heavy debt load (2.82)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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