HOCHTIEF : CIMIC: sustainability of profits and cash generation called into question by research note
>GMT Research believes that CIMIC is overstating its profits … - A research note published last Tuesday by GMT Research (specialising in Asian companies and particularly in the detection of financial irregularities) and picked up by the press at the end of last week, triggered a sell-off in the share price of CIMIC and HOCHTIEF yesterday. According to the analyst, CIMIC’s pre-tax profits have been artificially inflated by around AU$ 1bn over the last two years, a...Hochtief is a holding company. Through its subsidiaries, Co. operates as a construction company engaged in projects in the transportation, energy, and social and urban infrastructure sectors as well as contract mining. Co. provides its services through three divisions: HOCHTIEF Americas, which encompasses the construction activities of operational units in the U.S and Canada; HOCHTIEF Asia Pacific, which includes the construction activities and contract mining in the Asia-Pacific region; and HOCHTIEF Europe, which designs, develops, builds, operates, and manages real estate and infrastructure, with primary business in Europe as well as selected other regions.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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