About Us

GMT Research is an accounting research firm focused on Asia and regulated by Hong Kong’s Securities and Futures Commission. We develop proprietary methodologies to detect financial anomalies, or traits similar to past accounting shenanigans. We have three main product lines:

1. Written Research

GMT Research publishes around 30 accounting based reports a year across three broad categories:

  • In-depth thematic: We will pick a specific theme, such as how to spot companies boosting profits through Acquisition Accounting, explain the accounting behind it, and then highlight companies with similar traits.
  • High conviction single stock ideas: We highlight individual companies where the accounting masks the economic reality, possibly through window dressing, profit manipulation or by faking sales.
  • In-brief research: Shorter pieces on more topical issues such as stocks targeted by short-sellers or companies which have inexplicably defaulted.

There is a negative recommendation bias given our focus on accounting issues but not entirely. We try to give constructive investment advice and attempt to engage management prior to publishing. All research is based on publicly available information.

2. Accounting and Governance Screen

GMT Research has developed an Accounting & Governance (A&G) Screen which scrutinises every line item within financial statements for anomalies. Our methodology uses a percentile scoring system for each financial ratio relative to a relevant industry peer group. The peer group is drawn from 16,000 companies globally and five years’ worth of data. We have developed modules within the Screen which flag up specific accounting shenanigans, such as Acquisition Accounting or Fake Cash Flows. The screen is available to our clients in the form of a Bloomberg-enabled excel spreadsheet which can check any company globally for any financial year that Bloomberg has data. We also provide additional screens that help investors search for companies with specific accounting traits.

3. Client interaction

We offer a limited bespoke research product where we provide a written interpretation of the output of our Accounting & Governance Screen. We are also available for conference calls and meetings on written reports and other matters (e.g. general accounting questions). We offer crisis management on companies recently targeted by a short-seller.

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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