10 September, 2020

HIGH CONVICTION

Stocks to short and those to avoid

Gillem Tulloch

cimic-group-ltd-cim-au wisetech-global-ltd-wtc-au china-gas-holdings-ltd-0384-hk celltrion-inc-068270-ks china-evergrande-group-3333-hk zte-corporation-000063-ch-0763-hk lenovo-group-ltd-0992-hk sinopharm-group-co-ltd-1099-hk china-traditional-chinese-medicine-holdings-co-ltd.-0570-hk china-resources-pharmaceutical-group-ltd-3320-hk pinduoduo-inc-pdd-holdings-pdd-us kingdee-international-software-group-co-ltd-0268-hk high-conviction china-feihe-ltd-6186-hk technology-one-ltd-tne-au gds-holdings-ltd-gds-us-9698-hk guangzhou-baiyunshan-pharmaceutical-holdings-co-ltd-0874-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....