Lenovo: No Turn Around in Sight. The Risk of Failure Is Too High - Fair Value HK$2.87 (31)%, SELL

Lenovo (992 HK) Sell. *Catalyst* Pending Equity Dilution. 51% Downside

Lenovo HY2018 Results: The Water Is Still Rising

Lenovo 992 HK, The Water Continues to Rise

Lenovo's 2Q Result Beat Consensus and Our Forecasts; Will to Acquire 51% of Fujitsu's PC Business

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

Forensic Accounting

Channel stuffing, ageing receivables, balloting inventory, balance sheet write offs, unaffordable dividends and increasing factoring. What is not to like?We are not sure how to value a continuously negative cashflow company but we can only assume the holders have huge risk appetites.Fair value HK$2 (and that is hard to justify)

Channel stuffing, ageing receivables, balloting inventory, balance sheet write offs, unaffordable dividends and increasing factoring. What is not to like?We are not sure how to value a continuously negative cashflow company but we can only assume the holders have huge risk appetites.Fair value HK$2 (and that is hard to justify)

Lenovo

3Q Numbers Are Terrible