About Us

We are an accounting research firm focused on Asia and regulated by Hong Kong’s Securities and Futures Commission. Our primary goal is to use financial statements to judge whether a company is over-or-understating its profits through the exploitation of accounting standards. We publish around twenty in-depth reports each year across three product lines:

1. Thematic accounting makes up 75% of our output. We pick a particular accounting or corporate governance issue, explain it and then highlight companies with potential problems.

2. We write two-to-four in-depth company-specific reports each year. Within these accounting exposés, we highlight companies with particularly egregious accounting.

3. We write two micro-strategy reports each year. We have developed a methodology to analyse the financial statements of 36,000 listed companies across 30 markets globally. This enables us to assess where the corporate sector lies within the economic business cycle and helps tell us where we should look for our longs and our shorts.


Who We Are

GMT Research was founded by Gillem Tulloch, an industry veteran of financial analysis and research across Asia. GMT Research is committed to delivering insightful, interesting and informative reports.

Gillem TullochAbout Gillem
Gillem Tulloch has been a financial analyst since 1994 and has been based in Asia since 1995, with spells in Singapore, Thailand, Korea and most recently Hong Kong. Over his career, Gillem has covered sectors ranging from telecoms to printing to electronics. He has achieved top industry rankings in regional polls like Asiamoney and Institutional Investor, and has appeared on Bloomberg and Business Week. Gillem has worked in research and strategy for several large sell-side institutions, including Cazenove, Nomura and CLSA, and founded the independent research company Forensic Asia before moving on to establish GMT Research.

About Nigel
Nigel Stevenson worked for eight years in investment banking at Dresdner Kleinwort Wasserstein in London, primarily advising on equity offerings and M&A transactions, both in the UK and internationally. He subsequently spent seven years as an equity research analyst at Veritas Asset Management, where he was a member of the global equities team, primarily focusing on the industrials sector. Nigel is a graduate of Cambridge University and a qualified barrister. He has a Masters in Finance from London Business School, awarded with distinction, and is a CFA charterholder.

Lisa MangkornkarnAbout Lisa
Lisa Mangkornkarn has been in finance since 1995. She has worked various stints in research, corporate finance and institutional sales for Jardine Fleming, JP Morgan Chase and Bualuang Securities. Latterly she helped establish Forensic Asia before joining GMT Research. She holds a BA from Vassar College and an MBA from Sasin Graduate Institute of Business Administration, Chulalongkorn University.

About Mark
Mark Webb is a research analyst and chartered accountant. He has been based in Asia for 21 years, writing research on transport, logistic and industrial conglomerate companies since 1997. Mark has worked for HSBC in equity research in Hong Kong and Singapore, and at PricewaterhouseCoopers in London and Hong Kong.

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