Hyflux (S$0.585) 1Q16 headline earnings mask poor margins and negative cash flow
-1Q net profit $7.3m (+30%)
-1Q revenue $248.3m, up 4x
-gross margin -42ppt to 23.6%, direct cost up 7.7x
-Bottom line masked by several one-offs; Recovery of written-off receivables,reclassifying loss-making JV, and tax credit
-Trading at relatively hefty 12M-trailing P/E of 29.3x. China Everbight water (23.9x), SIIC (17.5x)
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