GMT Research
@GMTResearch
GMT Research is an accounting research firm focused on Asia, uncovering companies inflating their profits or window-dressing their financials.
Philippine funeral company, Golden MV (HVN.PM), a US$27bn mkt cap company, suspended for failing to file FY24 financials. Trades on 380x price to sales...yes, that's right. Bubble stock...
Kuaishou Tech (1024.HK) loses indy director dubbed the "Goddess of Tsinghua University" after 18 months due to "other business commitments". We don't like the accounting at Kuaishou and her resignation is not good news for the company...
China Tianrui Cement’s (1252.HK) new auditor, Zhonghui Anda, checking consolidation adjustments, prepayments and cash. We suspect the worst... www1.hkexnews.hk/listedco/listc…
We estimate that over 40% of the FY21 revenues (the time of its IPO) of Chinese AI company, SenseTime (20.HK), were subsequently impaired. But does anyone really care? Seemingly not its auditor @PwC (yes, them again), nor the regulator...
This is why tracking director resignations is so important: Differ Group (6878.HK) is down 100% since three directors resigned in August 2022. Of course, they all cited the pursuit of "other business opportunities" but, hey, they voted with their feet...
From the FT. This should come as no surprise: Only 0.6% of offshore debt recovered from China’s property developers: ft.com/content/673295…
Why would @byd raise US$5.6bn whilst reporting net cash and free cash inflows? Well, it's not really generating free cash inflows or in a net cash position. Our Jan report speculated it would raise US$10bn to bring adjusted net debt down from 209%, to 100% of equity, in the…
China built a $94 billion megacity from scratch in 7 years. They turned the corn fields into a metropolis three times the size of New York City. It has a train station the size of 88 football fields. But it's completely empty. This is why no one wants to live in President…
Chine Evergrande NEV (708.HK) says auditors unable to commence site audit work. No chance of an annual report any time soon then...
Chinese financial services platform @LufaxChina ( $LU / 6623.HK) fires @PwC after the latter raises concerns over undisclosed related party transactions. Lots of name-calling. Lufax was a US$46bn market cap company but has lost 95% of its value in past five years.
Just to be clear, we estimate adjusted net debt/equity for BYD (1211.HK) was 209% at 1H24, compared with net cash on a headline basis; i.e. non-traditional financing was equal to 225% of equity... bloomberg.com/news/articles/…
.@BYDCompany reported a debt of $3.7 billion last year, but @GMTResearch says it's using methods to hide a lot more debt & says the number should be more $44 billion: youtube.com/watch?v=wodb2C…
We’re hiring a part-time institutional sales person in Hong Kong or Singapore. If interested, send your CV to [email protected]
