12 March, 2025

Company reviews

Acquisition accounting, cost capitalisation and more...

Gillem Tulloch

nigel-stevenson gillem-tulloch mark-webb poly-developments-and-holdings-group-co-ltd-600048-ch kangmei-pharmaceutical-co-600518-ch sichuan-road-and-bridge-co-ltd-600039-ch gds-holdings-ltd-gds-us-9698-hk shanghai-putailai-new-energy-technology-co-ltd-603659-ch aier-eye-hospital-300015-ch yuexiu-property-co-ltd-0123-hk china-resources-beer-holdings-0291-hk zhongji-innolight-co-ltd-300308-ch geovis-technology-co-ltd-688568-ch hybe-co-ltd-352820-ks china-national-software-and-service-co-ltd-600536-ch china-rare-earth-resources-and-technology-co-ltd-000831-ch shanghai-zhangjiang-high-tech-park-development-co-ltd-600895-ch telix-pharmaceuticals-ltd-tlx-au western-superconducting-technologies-co-ltd-688122-ch

Insights

NEWSLETTER: GDS HOLDINGS

Do Data Centres Earn Their Keep?

GDS Holdings is a reminder that an appealing industry can struggle to generate an appealing return. Data centres are one of the market’s favourite infrastructure themes: cloud demand, artificial intelligence, digitalisation, outsourcing, and the endless growth in data consumption all point in the same direction. On paper, that sounds like a very attractive place to be. The question, though, is...

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....