Analyst

Alasdair Moody

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

Tibet Water Resources Ltd. / Forensic Accounting

<p>Tibet Water is normally too small to attract our interest, however,<a href="https://iceberg-research.com/2017/10/04/tibet-water-1115-hk-where-is-the-beer/" target="_blank"> Iceberg's report </a>seems to be so damning that we thought to take a look.  We have no comment on many of the claims made in the report but, a quick review of the annual report reveals some points of interest and questions worth asking.  </p><p>1. Cash generated from operations RMB260m, down dramatically since last year, despite rising revenues <a href="http://www.hkexnews.hk/listedco/listconews/SEHK/2017/0425/LTN20170425257.pdf" target="_blank">(Page 94 of the 2016 annual report)</a>. Nonetheless, this is dwarfed by loans and payments to…</p>

Tibet Water is normally too small to attract our interest, however, Iceberg's report seems to be so damning that we thought to take a look.  We have no comment on many of the claims made in the report but, a quick review of the annual report reveals some points of interest and questions worth asking.  1. Cash generated from operations RMB260m, down dramatically since last year, despite rising revenues (Page 94 of the 2016 annual report). Nonetheless, this is dwarfed by loans and payments to…

Tibet Water Resources: Some Questions to Be Asked