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

Thematic (Sector/Industry)

<h2>Introducing the Bucephalus Operating Return on Utilised Capital</h2>We created BORUC, to reveal the true operating performance of businesses because ‘traditional’ measures (ROE, ROCE etc.) are easy to manipulate. Struggling companies often resort to creative accounting to obscure their problems and hide their decline. This alters the numerator in ROE, ROCE etc. and disguises their investment and capex cycles.

Introducing the Bucephalus Operating Return on Utilised CapitalWe created BORUC, to reveal the true operating performance of businesses because ‘traditional’ measures (ROE, ROCE etc.) are easy to manipulate. Struggling companies often resort to creative accounting to obscure their problems and hide their decline. This alters the numerator in ROE, ROCE etc. and disguises their investment and capex cycles.

<h2>Introducing the Bucephalus Operating Return on Utilised Capital</h2>We created BORUC, the Bucephalus Operating Return on Utilised Capital, to reveal the true operating performance of businesses because ‘traditional’ measures (ROE, ROCE etc.) are easy to manipulate. Struggling companies often resort to creative accounting to obscure their problems and hide their decline. This alters the numerator in ROE, ROCE etc. and disguises their investment and capex cycles.

Introducing the Bucephalus Operating Return on Utilised CapitalWe created BORUC, the Bucephalus Operating Return on Utilised Capital, to reveal the true operating performance of businesses because ‘traditional’ measures (ROE, ROCE etc.) are easy to manipulate. Struggling companies often resort to creative accounting to obscure their problems and hide their decline. This alters the numerator in ROE, ROCE etc. and disguises their investment and capex cycles.

APAC IPOs & Placements

Zhen Zhou, Toh

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Capital Markets

<a href="https://www.smartkarma.com/entities/19736" target="_blank" data-smartkarma-citation="entities:19736:1">Taiwan Cement (1101 TT)</a>  is looking to raise approximately US$500m through selling 80m GDRs (including upsize option of 13.75m GDRs). The deal scores well on our framework owing to good track record and strong earnings and price momentum. The company recently reported a 30% YoY increase in sales on the 24th of July coupled with the fact that cement prices are much higher on a YoY basis due to a tight supply should translate into a strong 1H FY2018 results. However, we did not see any earlier…

Taiwan Cement (1101 TT)  is looking to raise approximately US$500m through selling 80m GDRs (including upsize option of 13.75m GDRs). The deal scores well on our framework owing to good track record and strong earnings and price momentum. The company recently reported a 30% YoY increase in sales on the 24th of July coupled with the fact that cement prices are much higher on a YoY basis due to a tight supply should translate into a strong 1H FY2018 results. However, we did not see any earlier…

Taiwan Cement Placement - Raising Funds on the Back of Strong Cement Prices

Chart based progressive global trading strategies, Chart Partners

Thomas Schroeder

Chart based progressive global trading strategies

Chart Partners

Chart Partners objective is to discover medium-term cycle turns and profit opportunities before they unfold, within structural trends while preserving capital with clear degrees of risk. We have real return ideas. 

Markets are dynamic and trading systems must reflect this. It is crucial to determine underlying correlations and lead-lag relationships within global markets and the impact on linked instruments. Our weekly Chartonics product gives you short-term trading strategies that can be applied within the medium and longer term macro trends that are mapped out in our strategy updates. 

Our methodology fuses global market variables and isolates drivers in trends. We specialize in FX, index trade in NY and Asia with a focus on Asian stocks. 

Technical Analysis

Taiwan Cement remains in a weak longer term trend even after the recovery off of early 2016 lows at 25.50. It is the characteristic of such a rise that sheds light on whether the rise is corrective or more impulsive that would suggest a positive trend change.Sell volumes have picked up over the last four trading sessions suggestion some repositioning is underway toward solid support, it is the waning macro cycle tells a weaker story going forward.The daily and weekly cycles denote waning upside…

Taiwan Cement remains in a weak longer term trend even after the recovery off of early 2016 lows at 25.50. It is the characteristic of such a rise that sheds light on whether the rise is corrective or more impulsive that would suggest a positive trend change.Sell volumes have picked up over the last four trading sessions suggestion some repositioning is underway toward solid support, it is the waning macro cycle tells a weaker story going forward.The daily and weekly cycles denote waning upside…

Information Technology Consultant

Ishita Jain

As per the Financial Times ("FT") <a href="https://www.ft.com/content/4f88cb60-f8f7-11e6-bd4e-68d53499ed71" target="_blank">article</a> dated 24th Feb 2017, electric vehicle ("EVs") manufacturers and battery producers have been scrambling to secure supplies of Cobalt. This has been driven by the fact the a handful of hedge funds have purchased and stored Cobalt on expectations that the demand for EVs will pick up. Battery producers such as Panasonic, who supply Lithium Ion ("Li-ion") batteries to the likes of Tesla are hard pressed for supplies. As FT reported, prices have risen by more…

As per the Financial Times ("FT") article dated 24th Feb 2017, electric vehicle ("EVs") manufacturers and battery producers have been scrambling to secure supplies of Cobalt.   This has been driven by the fact the a handful of hedge funds have purchased and stored Cobalt on expectations that the demand for EVs will pick up. Battery producers such as Panasonic, who supply Lithium Ion ("Li-ion") batteries to the likes of Tesla are hard pressed for supplies.  As FT reported, prices have risen by more…

Taiwan

Taiwan Cement Corporation manufactures and markets cement.  The Company's products include Portland cement, high strength cement, oil well cement, and sludge treatment agents.  Through its subsidiaries, the Company also operates in transportation, construction, and information products businesses.

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Taiwan Cement (1101 TT)

Using BORUC to Pick Asian Growth Stocks

Introducing the Bucephalus Operating Return on Utilised CapitalWe created BORUC, to reveal the true operating performance of businesses because...

Bucephalus Research Partnership

Using BORUC to Pick Asian Value Stocks

Introducing the Bucephalus Operating Return on Utilised CapitalWe created BORUC, the Bucephalus Operating Return on Utilised Capital, to reveal the...

Bucephalus Research Partnership

Taiwan Cement Placement - Raising Funds on the Back of Strong Cement Prices

Taiwan Cement (1101 TT) is looking to raise approximately US$500m through selling 80m GDRs (including upsize option of 13.75m GDRs). The deal...

Zhen Zhou, Toh

Taiwan Cement Rally Fade

Taiwan Cement remains in a weak longer term trend even after the recovery off of early 2016 lows at 25.50. It is the characteristic of such a rise...

Thomas Schroeder

Future of Cobalt Vis-A-Vis EVs

As per the Financial Times ("FT") article dated 24th Feb 2017, electric vehicle ("EVs") manufacturers and battery producers have been scrambling to...

Ishita Jain

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