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New Toyo International - a cigar butt investment opportunity

New Toyo is a SGX listed company that is in the packaging printing business. I have been following the company for several years and I would like to summarize the current situation as follows:
New Toyo is facing challenges in its legacy packaging printing business, a mature sector, and needs growth from new ventures.
The company is considered a cigar-butt investment, with a margin of safety based on its Asset Value, but overall returns are lower than the cost of capital due to underperforming segments.
The management's turnaround efforts seem sustainable, but there are concerns about its ability to diversify successfully. They have a poor diversification track record.
New Toyo has a strong customer concentration risk, with a single customer contributing about half of its revenue, likely in the tobacco industry.
The company's financial position is relatively strong, with low Debt Equity ratio and positive Cash Flow from Operations, but its growth prospects remain uncertain.
For more details go to my blog article. I even have a 3 min video for the "tik-tok" generation in the blog article. FYI I used New Toyo to test the moomoo platform for fundamental analysis
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