19 November, 2019

FAKING CASH

Tunghsu Optoelectronic (000413 CH) defaults

Gillem Tulloch

gillem-tulloch china china-everbright-international-ltd--china-everbright-environment-group-ltd-0257-hk china-hongqiao-group-ltd-1378-hk fake-cash-flow tunghsu-optoelectronic-technology-co-ltd-000413-ch xinyi-glass-holdings-ltd-0868-hk kangde-xin-composite-material-group-co-ltd-002450-ch yihua-lifestyle-technology-co-ltd-600978-ch hengan-international-group-co-ltd-1044-hk guoxuan-high-tech tunghsu-azure-renewable-energy-co-ltd-000040-ch shanghai-challenge-textile-co-ltd-002486-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....