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

UPDATE: J&amp;J release Q2 results - 24th July 2018<ul>
<li>J&amp;J’s US Remicade sales were flat QoQ. <ul><li>This undermines the story that Celltrion Group is gaining market share in the US.</li></ul>
</li>
<li>J&amp;J’s international Remicade sales down 15% QoQ. J&amp;J say this is due to “Increased discounts &amp; rebates”. <ul><li>This undermines the story that Celltrion Group can deliver profitable growth.</li></ul>
</li>
<li>J&amp;J’s policy of lowering Remicade prices <ul><li>Ends Celltrion Group’s hyper-growth story and exposes our concerns, if sustained.</li></ul>
</li>
</ul>Bucephalus ConcernsWe…

UPDATE: J&amp;J release Q2 results - 24th July 2018
J&amp;J’s US Remicade sales were flat QoQ. This undermines the story that Celltrion Group is gaining market share in the US.

J&amp;J’s international Remicade sales down 15% QoQ. J&amp;J say this is due to “Increased discounts &amp; rebates”. This undermines the story that Celltrion Group can deliver profitable growth.

J&amp;J’s policy of lowering Remicade prices Ends Celltrion Group’s hyper-growth story and exposes our concerns, if sustained.

Bucephalus ConcernsWe…

Sell Celltrion Inc (068270 KS): Story Unravelling