Hyflux has been the talked of the town among the investing community as they had recently announced the commencement of court supervised process for reorganisation. This is to protect them from creditors as they sort out their debt issues. Shares of Hyflux and its related securities were halted for trading since 21st May 2018. It is unknown what will happen from now.

Hyflux was a rags to riches story. However, at this point in time, the rags to riches seem to have overturned. The question is will it survive the crisis and will investors get back their money? In this post, I will try my best to dissect its business and only focus on its balance sheet and equity. Hopefully this will give us some clue to what is happening and what will happen in the future.

Who are the people who should be worried?

For Hyflux, there are generally …