25 May, 2016

HIDDEN DEBT

And Manufactured Cash Flow

Gillem Tulloch

window-dressing gillem-tulloch asia fosun-international-ltd-0656-hk bbmg-corp-2009-hk bumi-armada-bhd-bab-mk china-high-speed-transmission-equipment-group-co-ltd-0658-hk china-hongqiao-group-ltd-1378-hk china-national-building-material-co-ltd-3323-hk china-zhongwang-holdings-ltd-1333-hk chongqing-iron-and-steel-co-ltd-1053-hk gamuda-bhd-gam-mk lenovo-group-ltd-0992-hk mangalore-refinery-and-petrochemicals-ltd-mrpl-in sembcorp-marine-ltd-smm-sp tata-motors-ltd-ttmt-in--tata-motors-passenger-vehicles-ltd-tmpv-in zhaojin-mining-industry-co-ltd-1818-hk keppel-corp-ltd-kep-sp gcl-poly-energy-holdings-3800-hk jinmao-china-hotel-investments-and-management-ltd-6139-hk lawson-inc-2651-jp sichuan-expressway-co-ltd-0107-hk tonengeneral-sekiyu-kk-5012-jp

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....