gillem-tulloch
asia
biostime
51job
kuangchi-science
fake-cash-flow
smc-corporation
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imperial-pacific
luye-pharma
huabao-international-holdings-ltd
silicon-motion
changyou
bep
new-provenance
nihon-parkerizing
dr-lal-pathlabs
tarena-international-inc
wipro
a2-milk
united-energy-group
yirendai-ltd
upl-ltd
gemdale-properties
mitsubishi-pencil
china-lesso
balkrishna-industries
pilot-corp
kulicke-and-soffa
ramkhamhaeng-hospital
dongjiang-environment
oceanagold-corp
tube-investments-india
china-goldjoy
china-oceanwide
sk-kaken-co
sinopec-kantons
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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