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
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Forensic Accounting

Vinda International / Forensic Accounting

<p>In 2017, Vinda introduced a new compensation scheme that specifically targets share price performance. This appears to be part of Essity’s plan to improve returns across the group. Historically, management prioritised growth over margins and the stock underperformed. Changing the incentives should change the outcomes.</p><p>Their overall Governance, Accounting risk and Peer performance score, 104, is unexceptional. We worry about their payables, leverage and the fixed margin related party contracts…</p>

In 2017, Vinda introduced a new compensation scheme that specifically targets share price performance. This appears to be part of Essity’s plan to improve returns across the group. Historically, management prioritised growth over margins and the stock underperformed. Changing the incentives should change the outcomes.Their overall Governance, Accounting risk and Peer performance score, 104, is unexceptional. We worry about their payables, leverage and the fixed margin related party contracts…

Buy Vinda (3331 HK): New Incentives, Leverage & Margins - Target HK$25.2 (Up 80%+)

Belgium

Greenyard Foods processes food.  The Company packages and sells frozen vegetables and offers products including simple frozen vegetables and prepared frozen vegetables found in convenience foods.

Colruyt SA retails goods and offers computer and printing services.  The Company retails food and non-food items through Colruyt supermarkets, and Coccinelle, UGA, and Codi Cash supermarkets and cash and carry stores.  It retails toys, baby products, and school supplies through Dreamland stores. Colruyt markets computers and offers programming services.

Lotus Bakeries produces cakes and industrial pastry, waffles and galettes, and caramelized biscuits.  The Company's brands are sold mainly in Belgium, Luxembourg, the Netherlands, France, Germany, the United Kingdom, Austria, the Czech Republic, the United States, and Asia.  Lotus distributes its products through retail, catering, and food services.

Anheuser-Busch InBev SA/NV manufactures alcoholic beverages. The Company produces and distributes beers. Anheuser-Busch InBev serves customers worldwide.

Microbio Co., Ltd. applies symbiotic fermentation technology to develop botanical drug. The Company's products include clinically proven botanical drugs, pharmaceutically active ingredients, and nutrient supplements.

Best World International Limited sources, formulates, brands, and distributes a range of health and lifestyle products under the BWL, Avance, DORS, DR's Secret, and DRs Seager brand names.  The Company also distributes a range of third-party cosmetics and skin care products under the brand C'bon.

Milbon Co., Ltd. manufactures hair care products for beauty salons.  The Company produces chemicals for permanents, hair coloring, shampoos, rinses, and hair growth stimulant products.

Grape King BIO Ltd manufactures and markets beverages, nutrition, pharmaceuticals, syrups, and hair care products.

Cosmecca Korea Co., Ltd. develops and manufactures cosmetics. The Company specializes in research and development of cosmetics. Cosmecca Korea serves customers in Korea.

USANA Health Sciences, Inc. develops, manufactures, and markets nutritionals, personal care, and weight management products.  The Company's products are sold directly to preferred customers and distributors throughout the United States, Canada, Australia, New Zealand, the United Kingdom, and Hong Kong.

TCI Co Ltd develops and produces healthy food, functional beverages and skin care products. The company's products include vegetarian capsule, soft gel capsule or control release particular beverage.

Brother Enterprises Holding Company Limited develops, produces and sells vitamin products and leather chemicals.  The Company's vitamin products include vitamin K3 and vitamin B1 series products. The Company's leather chemicals include chrome powder and leather auxiliaries series products.

Marico Bangladesh Limited manufactures and markets fast moving consumer goods in Bangladesh. The company offers coconut oil, hair nourishment products, edible oils, and male grooming products. It provides coconut oil and value added hair oil products, such as Parachute Advansed Beliphool, Nihar Naturals Shanti Badam Amla, Parachute Advansed Extra Care Enriched Coconut Hair Oil, Parachute Advansed Enriched Hair Oil, and Parachute Advansed Cooling Hair Oil. The company�s hair dye products comprise HairCode, HairCode Active, and HairCode Keshkala; hair serum products include Livon Silky Potion; edible oils include Saffola Active; and male grooming products consist of Set Wet and Set Wet Infinity. It also offers skin care products, such as Parachute Advansed Body Lotion. The company sells its products through its own distribution channels comprising of sales depots located in Gazipur, Chittagong, Bogra, Jessore, and Comilla. Marico Bangladesh Limited was incorporated in 1999 and is based in Dhaka, Bangladesh. Marico Bangladesh Limited operates as a subsidiary of Marico Limited.

Jamieson Wellness Inc., doing business as Jamieson Vitamins, develops, manufactures, and markets natural health products. The Company offers vitamins, minerals, and supplement products, as well as over-the-counter remedies and sports nutrition products. Jamieson Vitamins serves customers worldwide.

Ontex Group NV. produces disposable personal hygiene solutions. The Company's products cater to babies, women and senior adults.

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Ontex Group NV (ONTEX BB)

Buy Vinda (3331 HK): New Incentives, Leverage & Margins - Target HK$25.2 (Up 80%+)

In 2017, Vinda introduced a new compensation scheme that specifically targets share price performance. This appears to be part of Essity’s plan to...

Bucephalus Research Partnership

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