24 August, 2023

SUPPLIER FINANCING

Hiding debt and inflating cash flow

Mark Webb

mark-webb celltrion-inc-068270-ks china-shipbuilding-industry-co-ltd-601989-ch byd-company-limited-1211-hk-002594-ch trip-dot-com-group-ltd-ctrp-us-tcom-us-9961-hk china-conch-venture-holdings-ltd-0586-hk inner-mongolia-baotou-steel-union-co-ltd-600010-ch avichina-industry-technology-2357-hk sichuan-road-and-bridge-co-ltd-600039-ch china-railway-signal-and-communication-corp-3969-hk dongfeng-motor-group-co-ltd-0489-hk true-corp-pcl-true-tb china-state-construction-international-holdings-ltd-3311-hk sinotruk-hong-kong-ltd-3808-hk shenzhen-inovance-technology-co-ltd-300124-ch tbea-co-ltd-600089-ch china-communications-construction-co-ltd-1800-hk crrc-corporation-ltd-1766-hk-601766-ch contemporary-amperex-technology-co-ltd-300750-ch-3750-hk-catl nari-technology-co-ltd-600406-ch gcl-poly-energy-holdings-3800-hk sany-heavy-equipment-international-holdings-co-ltd-631-hk yadea-group-holdings-ltd-1585-hk eve-energy-co-ltd-300014-ch sungrow-power-supply-co-ltd-300274-ch chongqing-changan-automobile-co-ltd-000625-ch-200625-ch calb-group-co-ltd-3931-hk aecc-aviation-power-600893-ch avic-jonhon-optronictechnology-002179-ch china-three-gorges-renewables-group-ltd-600905-ch xinte-energy-co-ltd-1799-hk zhejiang-jingsheng-mechanical-and-electrical-co-ltd-300316-ch

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....