22 April, 2021

MISSED DEADLINES

Going, going, gone? (Asia Cement, Billion, etc)

Gillem Tulloch

gillem-tulloch brilliance-china-automotive-holdings-ltd-1114-hk zhongyu-gas-holdings-ltd-zhongyu-energy-holdings-ltd-3633-hk gcl-poly-energy-holdings-3800-hk china-tianrui-group-cement-co-ltd-1252-hk china-huarong-asset-management-co-ltd-2799-hk hainan-meilan-international-airport-co-ltd-0357-hk china-risun-group-1907-hk billion-industrial-holding-2299-hk asia-cement-china-0743-hk asia-cement-corp-1102-tt

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....