window-dressing
mark-webb
asia
wilmar
trip-dot-com
jd-com
sinopharm-group
avichina-indus
china-southern-airlines
ck-hutchison-holding
interglobe-aviation
china-oilfield
china-resources-pharma
first-pacific-company
idea-cellular
kanamoto
korean-air
misc
olam
san-miguel
sapura-energy
ytl-corp
zijin-mining
coming-up-short
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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