- Steady increase in receivables over the years. The YoY doubling in 3Q09 would be the tip-off here.
- Change of auditors in Oct 10. Lesson here is to go through the past 5 years SGX filings before buying.
Also, institutional ownership was no help (BT, Mon 28th):
- China Hongxing has a strong institutional following that includes Skagen Funds, Fidelity, JP Morgan Asset Mgt and State Street.
- Singapore based private equity Tembusu partners has invested in Hongwei.
