8 September, 2016
BENEFITS STREET
Subsidies to Chinese companies are ballooning
Mark Webb
mark-webb
china
zoomlion
china-shipbuilding
qinghai-salt
byd-company-limited
zte-corp
hong-kong
profit-manipulation
guanghui-energy
inner-mongolia-baotou-steel
siasun-robot
yonyou-network-tech
baoshan-iron
aluminium-corp
china-eastern-airlines
spring-airlines
beijing-capital-int-airport
geely-auto
china-cssc
sany-heavy-industry-co
cosco-shipping-energy-trans
sinopec-oilfield
neusoft-corp
leshi-enter
china-merchants-energy
transfar
tcl-corp
avichina-indus
cosco-shipping-holding
iflytek
china-southern-airlines
jihua-group
sanan-opto
dongfang-elect
dalian-port
zhejiang-juhua
sihuan-pharmaceutical-holdings-group-ltd
travelsky-tech
cssc-offshore
hindsun-tech
guangxi-guigan
unigroup-guoxi
zhejiang-dahua
shanghai-construction
china-national-nuclear
zhejiang-huace
china-northern-rare-earth
yanzhou-coal-mining
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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