This should not be a new news anymore, Hyflux defaulted its coupon payment for its 6% perpetual securities and has applied for a debt reorganization and in the worst case scenario, it may even go bankrupt. Unfortunately, I realized that a few of my colleagues are/were holding either the shares or the perpetual securities. They were under the impression that it is a monopoly and is back by the government so nothing will go wrong? I got curious and went to take a look at its Annual Reports over the years. To my horror, there was an obvious red flag! Turns out the company has been reporting negative operating cash flows for the last 8 years! In my opinion, this is easily one of the most important numbers one should be looking at. Operating Cash Flow (OCF) as defined in Investopedia is the amount of cash generated by a company's normal business...