Typically, when a company’s revenue drops, its earnings drop as well — especially under the challenging circumstances facing companies and economies since the start of the pandemic early last year.

Yet, Megachem, a chemicals distributor, has proven otherwise. Given how the company has a relatively low profile, trading interest in it has been relatively muted. No trades have occurred in May, and it has a three-month average trading volume of just 890,000 shares. The company has a total of 133 million shares issued.

Francis Yau, the company’s CFO, thinks that the lack of interest in the stock is not something that can be attributed to the company. “For 18 years, we have done everything consistently. So I have come to the conclusion that the liquidity of the shares is not so much [anything to do] with the company, but it’s a market factor. I can see many companies in the stock market suffering from liquidity issues. It’s a syndrome,” says Yau in an interview with The Edge Singapore.

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