The accounting research firm, GMT Research

Lisa Mangkornkarn

The accounting research firm

GMT Research

GMT Research provides independent insight into markets, sectors and companies throughout Asia. Our unique method of mining a comprehensive collection of corporate financial statements for key data allows us to evaluate the financial health of a company, sectors and the market at large. We also investigate the application of accounting standards by companies and sectors, shedding light on the quality of reported profits. Armed with this information, we help investment professionals navigate the financial landscape.

Equity Bottom-Up

Beijing Enterprises Water Group / Equity Bottom-Up

Strip away questionable concession accounting and <a href="https://www.smartkarma.com/entities/1660" target="_blank" data-smartkarma-citation="entities:1660">Beijing Enterprises Water Group</a> (BEW) is barely able to generate a profit. Growth has been driven by accounting changes, the treatment of acquisitions, one-off gains and a host of other doubtful items. An inability to generate operating cash inflows would seem to confirm our concerns and suggests the company will have difficulty in servicing HK$28bn (US$3.6bn) of debt, around half of which is unhedged foreign debt.<blockquote>BEW is only able to survive…</blockquote>

Strip away questionable concession accounting and Beijing Enterprises Water Group (BEW) is barely able to generate a profit. Growth has been driven by accounting changes, the treatment of acquisitions, one-off gains and a host of other doubtful items. An inability to generate operating cash inflows would seem to confirm our concerns and suggests the company will have difficulty in servicing HK$28bn (US$3.6bn) of debt, around half of which is unhedged foreign debt.BEW is only able to survive…

Beijing Enterprises Water Group

BJ ENT WATER: Hiding Behind the Numbers