What is Forensic Asia
Forensic Asia is a Hong Kong based independent research firm regulated by the Securities and Futures Commission. We aim to publish the uncomfortable truths that are uncovered from in-depth balance sheet analysis, highlighting companies under-or overstating profits relative to cash flow. We combine our extensive Asian experience with an Austrian economic perspective to provide research focused on generating absolute returns for our clients. We are 100%-owned by Dr Jim Walker of Asianomics (www.asianom.com).
Who we are and what we do
Not Yet A Subscriber?
Latest Featured Research
Zhongsheng Group (881 HK): Sell: Sticks and stones…
By Gillem Tulloch 19 June 2013
Following a meeting with Zhongsheng management, we respond to their press release over our recent sell report, Accident Prone (28 May 2013). We refute claims of inaccuracies over working capital calculations and pre-acquisition losses. Besides, these are side issues. The main problem with Zhongsheng is that it is focused on discretionary spending, has an overleveraged...
Asian Banks: ROA Versus Size
By Daniel Tabbush 18 June 2013
Large Asian banks tend to have poor profitability. It’s hard to find bank stocks with sizeable market value, high liquidity and excellent or rising profitability. The five largest Asian banks have combined market value of USS$940bn while the five most profitable Asian banks have combined market value of just US$85bn, less than a tenth of...
Taiwan Overview (OWT): In need of a catalyst
By Gillem Tulloch 17 June 2013
With Taiwanese corporate solvency at comfortable levels, further cuts in capex are unlikely and profitability should stabilise barring a major external shock. Valuations are reasonable with the TAIEX on 14.5x 2013 PER, an 8% premium to its 10-year average. However, this is based on fairly aggressive 32% EPS growth assumptions. Taiwan’s best selling point is...
Ping An Insurance (2318 HK): Sell: Squaring up for a fall
By Tom Monaco 14 June 2013
Everything seems to be going wrong for Ping An Insurance: Ping An Life is witnessing worsening business metrics and a lower investment yield; Ping An Property & Casualty’s (P&C) combined ratio has reversed course; Ping An Securities has been fined and banned from submitting IPO applications for a quarter; while Ping An Bank is short...
SBI Holdings (8473 JP): Sell: Bubblegum Pop
By Jonathan Pool 13 June 2013
In his own unique way, guest writer Jonathan Pool outlines one of his top sell recommendations, SBI Holdings. He'd be looking for the market to continue correcting into July before recovering thereafter. Jonathan is a fan of Abenomics and is, therefore, somewhat more optimistic than us. We think Abenomics could well turn into disternomics. But...