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 fifteen in-depth reports each year across two main product lines:

  1. Thematic accounting: We provide in-depth explanations on accounting or corporate governance issues which are relevant to institutional investors. We then scan across a universe of large Asian companies to highlight those with potential problems. We provide detailed explanations and comment on how these problems might affect the investment argument.
  2. Accounting exposés: We highlight companies with particularly egregious accounting where we think there is significant downside to fair value which is not reflected in the market. We publish around five of these reports each year.

In addition, we publish around twenty in-brief reports each year on more topical issues or companies embroiled in accounting scandals.

Accounting and Corporate Governance Screen

In order to help our clients navigate the investment landscape we have developed an accounting and corporate governance screen that highlights potential anomalies within a company’s financial statements:

  • Checks over 65 accounting and governance data points against relevant industry peers drawn from 16,000 companies globally.
  • Replicates traditional mathematical models (Beneish, etc.) which gauge a company’s likelihood of default or earnings manipulation.
  • Incorporates our own models based on past research which checks for companies with similar financial traits to past accounting scandals (fake cash flow frauds, acquisition accounting, window dressing, excessive capital increases, debt reconciliation).
  • Is excel based and linked into Bloomberg meaning that it can check any listed company globally.

Strategic Partnerships

Our clients often want to dig deeper into a company’s financial situation or background. As such, we have developed strategic partnerships with Red Flag Consulting for bespoke company specific research and Shmittzehe & Partners for corporate investigations.

If you are an institutional investor and would like more information, or to arrange a meeting, please email info@gmtresearch.com. Alternatively, please download our corporate slides.

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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