wisetech-global
mark-webb
fraud
shanghai-2345
tunghsu-optoelectronic-technology-co-ltd
kangde-xin-composite-material-group-co-ltd
kangmei-pharmaceutical
siasun-robot
short-seller
zhou-hei-ya-international
beigene-ltd
anta-sports
ausnutria-dairy
qutoutiao
ping-an-healthcare
bosideng-international
wuxi-lead-intelligent
beijing-oriental-yuhong-waterproof
changchun-high-and-new-technology
guangdong-hec-technology
zhejiang-longsheng
best-world
furen-group
gam-holding
garuda-international
kasen-international-holdings
metro-bank
new-higher-education
nova-group
mega-expo-holdings
realord-group
rural-funds-group
southern-energy-holdings
china-unienergy-group
ted-baker-plc
thomas-cook
under-armour-inc
via-varejo
wirecard-ag
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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