7 April, 2017
MSCI CHINA "A" INDEX
How do its Constituents Stack Up?
Gillem Tulloch
acquisition-accounting
china
auditing
qinghai-salt
hainan-airlines-holding-co-ltd
fake-cash-flow
citic-heavy
poly-real
shanxi-taigang-steel
beijing-dabein-tech
avic-aviation
guanghui-energy
jiangsu-protruly-vision
shenzhen-overseas-chinese-town
tus-sound-env
inner-mongolia-baotou-steel
alpha-group
financial-street
tiangi-lithium
shanghai-2345
gd-power
shanghai-raas-blood
gemdale
zhengzhou-yutong-bus
beijing-capital
china-united-network
beneish
piotroski
share-price-manipulation
iflytek
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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