22 October, 2019
FLAWED COMPASS
Free cash flow metrics misleading investors

Mark Webb
window-dressing
wisetech-global-ltd-wtc-au
mark-webb
asia
bangkok-express-metro-plc-bem-tb
guanghui-energy-co-ltd-600256-ch
china-biologic-products-holdings-cbpo-us
alibaba-group-holding-baba-us-9988-hk
iqiyi-inc-iq-us
brilliance-china-automotive-holdings-ltd-1114-hk
transurban-group-tcl-au
gulf-energy-development-pcl-gulf-tb
bilibili-inc-bili-us
china-lodging-group-ltd-huazhu-group-ltd-h-world-group-ltd-htht-us-1179-hk
adani-transmission-adaniens-in-adanit-in
advanced-micro-fabrication-equipment-688012-ch
china-merchants-expressway-network-and-technology-holdings-co-ltd-001965-ch
guangdong-investment-ltd-0270-hk
inpex-corp
meinian-onehealth-healthcare
meituan-3690-hk
navinfo-co-ltd--seewayai-co-ltd-002405-ch
ningbo-zhoushan-port-co-ltd-601018-ch
shandong-sinocera-functional-material-co-ltd-300285-ch
sichuan-chuantou-energy-co-ltd-600674-ch
united-energy-group-ltd-0467-hk
inner-mongolia-junzheng-energy-and-chemical-industry-group-co-ltd-601216-ch
gds-holdings-ltd-gds-us-9698-hk
Insights
19 May, 2026
NEWSLETTER: GDS HOLDINGS
Do Data Centres Earn Their Keep?

Mark Webb
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...
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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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