After Hyflux's fall, Singapore debt buyers are scrutinising other firms

On their radar are smaller firms with high short-term debt and are in sectors vulnerable to business cyclesS&P Global Ratings says more defaults could happen as earnings dip in a weak economy and riskier borrowers that creditors lent to amid low interest rates struggle.THE collapse of Singapore's water treatment firm Hyflux has increased investor scrutiny over other debt-laden companies that have sold bonds in the local currency.

The following are some smaller firms with bonds maturing before the end of next year that bear watching, say analysts.The logistics company, a subsidiary of Hong Kong-listed CWT International Ltd, paid its bond due on April 18, but its parent's problems have cast a shadow. CWT International's total debt was HK$9.7 billion ; cash and equivalents stood at HK$1.7 billion as of Dec 31, going by Bloomberg-compiled data. A spokesman for CWT Pte declined to comment.The logistics and real estate group's net income for the three months ended Jan 31 stood at S$3.9 million, a turnaround from a S$664,000 loss for the same period in 2018.

This Singapore developer has been cutting leverage but its debt load is still high. It said in a filing last month that it accepted an"expression of interest" from a US-based fund to buy a unit that owns Chevron House at Raffles Place for S$1.025 billion. However, the expression of interest isn't legally binding and subject to due diligence.

Since Neptune Orient Lines was bought by French shipping firm CMA CGM SA in 2016, it has had less visibility. NOL had a net loss after tax of US$134 million for its financial year 2018; its total debt stood at US$2.6 billion and total cash at US$134 million as of Dec 31, according to unaudited figures included in a presentation on its website.

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