Ann: Singapore- Future Facing Commodities Corporate Presentation, page-8

Yes and no. Not entirely true. Yes they have lagged compared to the big end of time (there's also been plenty that have done well), and you'll likely see risk back on in the micro space closer to seeing the mystical rates cuts come to fruition IMO.
What this market has exposed is non performers with the removal of all the dumb money that used to invest on the basis of smoke, mirrors and hype.
But to purely put the disgusting share price movement of TMB to just market sentiment is naive. Plenty of factors mentioned time and time again here, that are stock specific to TMB have driven it down.
Would be a shame to have raised all the cash just to see it dwindle away to nothing.