Lenovo Top Zone to Reverse from Long to Short

Sell Lenovo: Profit Is an Illusion, Liabilities Are Rising and There Is Little Real Equity Value

Sell Lenovo: Talking Growth, Delivering Little

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

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.

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Forensic Accounting

Today's result announcements are classic self flattery.Dig a little deeper and there is little evidence of a turnaround. Sales grew, but receivables grew by almost exactly the same amount. They are stuffing the channel to book revenue and profit but they are not getting paid. Operating cashflow is positive, but this is only because they are not paying their suppliers to offset the increased receivables balance. (sounds a bit like NOBL SP). Possible channel stuffing, The QoQ growth in Short-term…

Today's result announcements are classic self flattery.Dig a little deeper and there is little evidence of a turnaround. Sales grew, but receivables grew by almost exactly the same amount. They are stuffing the channel to book revenue and profit but they are not getting paid. Operating cashflow is positive, but this is only because they are not paying their suppliers to offset the increased receivables balance. (sounds a bit like NOBL SP). Possible channel stuffing, The QoQ growth in Short-term…

Sell Lenovo (992 HK): No Turnaround in Sight - Cashless Profits Don't Count