nigel-stevenson
gillem-tulloch
mark-webb
olympus-corporation
smc-corporation
japan
keyence
itochu-corporation
softbank-group-corp
m3-inc
hitachi
nidec-corporation
fujitsu
nexon
takeda-pharma
toyota-motor
astellas-pharma
daiichi-sankyo
daikin-industries
fanuc
honda-motor
murata-manufacturing
nintendo
nippon-paint
nippon-telephone-and-telegraph
ntt
ntt-docomo
docomo
chugai-pharma
hoya-corp
kao-corp
kddi-corp
oracle-corp-japan
recruit-holding
shin-etsu-chemical
tokyo-electron
top-30
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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