1 November, 2016

GOODWILL HUNTING

Using acquisition accounting to inflate earnings

Mark Webb

window-dressing acquisition-accounting mark-webb asia biostime-international-holdings-ltd--health-and-happiness-international-holdings-ltd-1112-hk trip-dot-com-group-ltd-ctrp-us-tcom-us-9961-hk lenovo-group-ltd-0992-hk legend-holdings-corporation-3396-hk china-traditional-chinese-medicine-holdings-co-ltd.-0570-hk li-and-fung-limited-0494-hk goodwill h-and-h-international-holdings-ltd-1112-hk ck-hutchison-holdings-ltd-0001-hk dominos-pizza-group-plc-dom-ln sosei-group-corp-4565-jp mixi-inc-2121-jp shanghai-jin-jiang-capital-co-ltd-jinjiang-international-2006-hk alibaba-pictures-group-ltd-damai-entertainment-holdings-ltd-1060-hk

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....