21 March, 2023
CHINA’S TOP 30 A-SHARES
Assessing the Accounting Risk
Gillem Tulloch
wisetech-global
qinghai-salt
haier-electronics
gree-electric
inner-mongolia-yili
jiangsu-hengrui-pharma
kweichow-moutai
midea-group
wuliangye-yibin
shenzhen-inovance-technology
hangzhou-hikvision-digital
tongwei
longi-green-energy-tech
luxshare-precision-ind
shenzhen-mindray-bio-medical-electronics
wanhua-chemic
contemporary-amperex-tech
ganfeng-lithium
sf-holding
china-tourism-group-duty-free-corp
aier-eye-hospital
eve-energy
muyuan-food
sungrow-power
boe-tech
shanxi-xinghua
wens-foods
china-yangtze-power
wuxi-apptec
chongqing-changan-auto
luzhou-laojiao
Insights
25 April, 2024
IRB INFRASTRUCTURE (IRB IN)
Pulling forward profits
Mark Webb
Indian toll road operator, IRB Infrastructure Developers (IRB), appears to be pulling forward earnings through aggressive accounting. The company recognises unusually high construction margins from intragroup revenues and inflated sales to related parties. Additionally, IRB amortises its roads at rates well below those implied by the life of its concessions. It has suffered large operating and free cash outflows; meanwhile,...
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1 December, 2023
NEWSLETTER: EVERGRANDE (3333 HK)
Never profitable
Fredrik Oeqvist
Evergrande’s much delayed and recently published 2021 annual report makes clear that it significantly overstated revenue and earnings – most likely for many years. Contrary to what some people think, Evergrande was not so much a victim of tightened liquidity or a COVID-induced property market downturn; its problems were far more fundamental – there were never any profits....
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