Eratat is a counter listed on SGX. Previously, I have expressed concerns over its business model and its obscene amount of trade receivables.

Subsequently, Eratat reduced its trade receivables, not by collecting back the cash, but by providing something called a renovation subsidy. Which sounds nice, but still means ultimately, the cash didn't get to them.

It has been quite a while since I studied their statements. There were some people who were pointing to the SIAS research as the "authority", and expressed their confidence in this counter because SIAS said so, especially after I have expressed concerns over it. Certain things that are red herrings in my opinion are then brushed away. :(

I dug out the past reports of SIAS research on Eratat. Each and every one of the reports mentioned Increased Exposure, even though the estimated Intrinsic Value calculated by the analyst went to S$0.27.

Interestingly, ......