Director | Exposing Creative Accounting, Bucephalus Research Partnership

Robert Medd

Director | Exposing Creative Accounting

Exposing Creative Accounting

Bucephalus Research Partnership

Bucephalus Research Partnership Limited. Exposing Creative Accounting.

At the Bucephalus Research Partnership (BRP) we analyse financial statements using our accountant's practical experience and our own quantitative algorithms for corporate governance, accounting risk and peer performance.

Our thematic research refines our unique algorithms while our single stock research focuses on examples where we discover a significant gap between published accounts and business reality.

​Bucephalus Research Partnership:
- Is an independent fee-based research service
- Does not take proprietary positions, long or short
- Does not solicit business or fees from the corporates we review

Forensic Accounting

Here are the questions we think investors should be asking about Carson Block's latest short. 1) How can a company that exports so many bulky items have such fabulous margins (double the industry average)2) How come the margins keep improving, scale is great but surely not that great.3) Prepayments are great but again ManWah's are much better than the industry norms4) Tax paid vs expensed. One would expect these to trend together but they seem to have parted company5) Payable days keep falling…

Here are the questions we think investors should be asking about Carson Block's latest short. 1) How can a company that exports so many bulky items have such fabulous margins (double the industry average)2) How come the margins keep improving, scale is great but surely not that great.3) Prepayments are great but again ManWah's are much better than the industry norms4) Tax paid vs expensed. One would expect these to trend together but they seem to have parted company5) Payable days keep falling…

1999 HK Man Wah Holdings: A Quick Accounting Review

Hong Kong

Man Wah Holdings Limited is an investment holding company specializing in the research, development, production, and sale of home furnishings. It is a global leader in designing and manufacturing sofas, mattresses, panel furniture, and various furniture accessories. The company was founded in 1992 and is headquartered in Hong Kong.

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Man Wah Holdings (1999 HK)

1999 HK Man Wah Holdings: A Quick Accounting Review

Here are the questions we think investors should be asking about Carson Block's latest short. 1) How can a company that exports so many bulky items...

Bucephalus Research Partnership

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