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

Our note on AirAsia last week seemed to hit a bit of a raw nerve both in the market and with AirAsia&rsquo;s CEO, Tony Fernandes. He called our report &ldquo;garbage&rdquo;. Well, perhaps the market&rsquo;s reaction suggests that investors&rsquo; view AirAsia&rsquo;s accounting as&hellip; well, you get what I mean. He has subsequently appeared on Bloomberg TV and issued a press release. His performance was very smooth but if you check-up on some of his facts, some of what he said is&hellip; well, again you get what I mean. On a serious note, we wish management would address the issues we&rsquo;ve raised. For example, how much of profit (not revenues) comes from inter-company transactions? It's a very simple question to answer. And why did disclosure surrounding related party transactions decline just as payments stopped?That just doesn't look good.

Our note on AirAsia last week seemed to hit a bit of a raw nerve both in the market and with AirAsia&rsquo;s CEO, Tony Fernandes. He called our report &ldquo;garbage&rdquo;. Well, perhaps the market&rsquo;s reaction suggests that investors&rsquo; view AirAsia&rsquo;s accounting as&hellip; well, you get what I mean. He has subsequently appeared on Bloomberg TV and issued a press release. His performance was very smooth but if you check-up on some of his facts, some of what he said is&hellip; well, again you get what I mean. On a serious note, we wish management would address the issues we&rsquo;ve raised. For example, how much of profit (not revenues) comes from inter-company transactions? It's a very simple question to answer. And why did disclosure surrounding related party transactions decline just as payments stopped?That just doesn't look good.

Asia Economist and CEO, Centennial Asia Advisors

Manu Bhaskaran

Asia Economist and CEO

Centennial Asia Advisors

At Centennial Asia Advisors, we tell it like it is. We have no vested interests, no need for a China wall, and no reason to skew our outlook any other way. With over 30 years experience covering Asia’s political economy, you can be sure our conclusions and analyses are based on the unadulterated facts. Through years of fine-tuning our research methodologies, we deliver a quality of macroeconomic analysis few other houses can match.

Centennial Asia Advisors is an independent research and advisory firm that works with governments, multilateral institutions, financial firms and leading MNCs.

Economic Policy and Strategic Advisors

Macroeconomics

<ul><li>Japan is offering USD110bn for Asia&rsquo;s infrastructure needs, competing with China-backed AIIB and NDB in providing such funds.</li><li>Asia gains from the power-play in light of its much needed infrastructure upgrade. But until weaknesses in governance are tackled, the vast funds on offer will have little impact.</li></ul>

Japan is offering USD110bn for Asia&rsquo;s infrastructure needs, competing with China-backed AIIB and NDB in providing such funds.Asia gains from the power-play in light of its much needed infrastructure upgrade. But until weaknesses in governance are tackled, the vast funds on offer will have little impact.

Japan

iShares MSCI Japan ETF is an exchange-traded fund incorporated in the USA. The ETF's objective seeks to provide investment results that correspond to the performance of the Japanese market, as measured by the MSCI Japan Index. The ETF invests in a representative sample of index stocks in a variety of sectors using a market cap weighted "portfolio sampling" technique.

iShares MSCI Japan ETF (EWJ US)

Sticks & Stones: AirAsia/Noble/Abenomics

Our note on AirAsia last week seemed to hit a bit of a raw nerve both in the market and with AirAsia’s CEO, Tony Fernandes. He called our report...

GMT Research

'Infrastructure wars'

Japan is offering USD110bn for Asia’s infrastructure needs, competing with China-backed AIIB and NDB in providing such funds. Asia gains from the...

Manu Bhaskaran