18 January, 2024
TOP 30 OVERSEAS CHINESE
Assessing the Accounting Risk
Gillem Tulloch
gillem-tulloch
byd-company-limited
trip-dot-com
baidu
jd-com
smic
anta-sports
li-ning
zto-express-inc
alibaba-group-holding
tencent
anhui-conch-cement
china-mengniu-dairy
great-wall-motor
netease
yum-china
haidilao-int
wuxi-biologics
nio-inc
xiaomi
meituan-dianping
pdd-holdings
weichai-power
nongfu-spring
jd-health
ke-holdings
jd-logistics
h-world
li-auto
kuaishou-technology
china-resources-beer
guangzhou-automobile-group
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,...
Read More
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....
Read More