22 October, 2019
FLAWED COMPASS
Free cash flow metrics misleading investors
Mark Webb
window-dressing
wisetech-global
mark-webb
asia
bangkok-express
guanghui-energy
china-biologic-products-holdings
alibaba-group-holding
iqiyi-inc
brilliance-china-automotive-holdings-ltd
transurban-group
gulf-energy-develop
bilibili
huazhu-group-ltd
adani-transmission
advanced-micro-fabrication-equipment
china-merchants-expressway-network
guangdong-invest
inpex-corp
meinian-onehealth-healthcare
meituan-dianping
navinfo
ningbo-zhoushan-port
shandong-sinocera-functional-material
sichuan-chuantou-energy
united-energy-group
inner-mongolia-junzheng-energy
gds-holdings
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,...
Read More
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....
Read More