SHORT SELLER’S SNAPSHOT

GamingTheNumbers

The seventh short seller’s report in Hong Kong this year has targeted social video platform operator, Tian Ge (Mkt Cap US$1bn). The report was written by anonymous short seller, Emerson Analytics, whose 100% success rate for its six previous reports…
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NEWSLETTER 15:

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It’s not just because Hong Kong allows short-selling that there are so many short-sellers’ reports, it’s because (by our estimates) Hong Kong is the corporate fraud capital of the world. A small but meaningful percentage of mainland companies seem predisposed…
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BYD (1211 HK)

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Take into account BYD’s hidden debt and its gearing rises from 74% to 122%. This raises the possibility of further capital increases in light of substantial cash outflows and deteriorating profitability due to fast declining subsidies. These purchase subsidies doubled…
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CARILLION (CLLN LN)

GamingTheNumbers

You might be wondering what a UK contractor’s woes have to do with Asia. First, Carillion’s has a similar supplier payment arrangement to Sinopharm but, unlike Sinopharm, it does not reclassify repayments as a financing activity which materially overstates Sinopharm’s…
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SINOPHARM (1099 HK)

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Sinopharm is not the lowly geared, cash generative company it seems. Operating cash inflows have been entirely manufactured through two methods: First, trade creditor repayments have been reclassified from operating cash flows to financing activities…an accounting first. Second, the company…
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THE DIRTY DOZEN

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Competition for infrastructure has grown, project returns fallen and policy interference is rife in Asia. However, against this backdrop, some Asian infrastructure companies have been able to offer strong growth and decent ROEs. Unfortunately for investors, most owe their superior…
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ACCOUNTING & GOVERNANCE SCREEN

GamingTheNumbers

Please download the latest version of our Accounting and Governance Screen by clicking on the link provided below. This screen is an excel-based spreadsheet linked into Bloomberg which means that subscribers can check any company globally for more than 60…
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ASIAN SHORT-SELLERS

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The number of anonymous short-seller reports targeting Hong Kong listed companies is likely to rise, primarily due to their low quality which is, in part, a result of regulatory shortcomings. While the win rate of short-sellers is very high, not…
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MAN WAH (1999 HK)

GamingTheNumbers

Sofa maker Man Wah has been targeted by short-seller Muddy Waters over its profitability, taxes, export sales and debt. So far, the main publically available accusations levelled (via twitter) concerning undisclosed debt appear to lack credibility. In management’s favour, it…
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COGOBUY (400 HK)

GamingTheNumbers

Blazing Research may be a newcomer to the anonymous short-selling game, but its report on CogoBuy has credibility in key areas. The company’s founder has been accused of asset stripping his NASDAQ listed company, Viewtran, to the detriment of minorities,…
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