848 documents showing 781–840

New Oriental Education & Technology Group EDU

New Oriental is hiding an extensive franchising operation, filing fraudulent tax-exempt financials in Beijing and using a cosmetic VIE — expect a restatement and Deloitte to resign.

Lazard Ltd LAZ

Lazard's premier advisory and asset-management franchise trades at a discount; executing the April 2012 plan to 25%+ margins, disciplined capital return, and stronger governance can nearly double the stock to ~$51.

BMC Software BMC

BMC's strong assets are trapped under an unengaged board and CEO Beauchamp who keeps missing his own targets; electing Elliott's four tech nominees opens a sale and long-overdue value.

AOL, Inc. AOL

AOL's board lets management burn Access/Search cash on a Display strategy losing $500M+ a year; elect three Starboard nominees to enforce discipline and restructure or exit Patch.

J.C. Penney Company, Inc. JCP

JCP has been chronically mismanaged for 20 years; new CEO Ron Johnson (ex-Target, ex-Apple Retail) with a dream team and a mall-within-a-mall remake can take the stock from $26 to $77-$125 by 2014.

Burger King Worldwide Holdings BKW

Justice pays $1.4bn to merge with 3G-owned Burger King and relist on NYSE, backing a proven operator to refranchise, turn around margins, and expand internationally.

Focus Media Holding FMCN

FMCN's 'independent' verification of its 185,174 LCD network counted 30,500 cardboard posters as LCDs, confirming Muddy Waters' fraud thesis and impugning all reported financials.

Canadian Pacific Railway CP

CP is the worst-performing Class I railroad under Fred Green; replacing him with Hunter Harrison — who transformed CN via Precision Scheduled Railroading — closes the peer gap and unlocks ~$140/share.

Focus Media Holding FMCN

FMCN's bizarre acquisition of a tiny border-town ginseng plantation from its own employee is fresh evidence the 'Olympus of China' is using fake M&A to launder fake cash off its books.

Focus Media Holding FMCN

FMCN's promise to have 'reputable' Chinese firms verify its LCD network is worthless — CTR, the firm most likely to be hired, previously rubber-stamped CCME's fabricated bus network.

Tronox Incorporated TROX

Post-Exxaro Tronox is the lowest-cost, fully-integrated TiO2 producer; levering up for a $24-$43/share special dividend plus relisting unlocks $183-$194/share, 56-66% upside.

Focus Media Holding FMCN

FMCN's rebuttal concedes Muddy Waters' core claims — inflated LCD network, 1,758% theater market share, phantom VIE acquisitions, and brazen insider self-dealing make the shares un-investable.

Focus Media Holding Ltd. FMCN

Focus Media is the Olympus of China: it inflates its LCD screen count by 50%, systematically overpays for acquisitions it writes off, and enriches insiders at shareholders' expense.

Lowe's Companies, Inc. LOW

Lowe's is a cheap home-improvement duopolist whose 8% FCF yield funds a buyback worth ~40% of market cap — investors are paid to wait for the housing recovery.

Fortune Brands Home & Security FBHS

FBHS is an orphaned post-spin cyclical at trough housing demand; even with no recovery it's worth $14, and normalization delivers $18-$27/share — ~70% upside.

Green Mountain Coffee Roasters GMCR

GMCR's $9 EPS bull case ignores a smaller TAM, falling K-cup attachment rates, a September 2012 patent cliff, and accounting shenanigans at fulfillment agent MBlock — realistic EPS is ~$3.50.

State Street Corporation STT

State Street subsidized growth at the expense of profitability; committing to 35% EBT margins, capital return, and a possible SSgA spin can lift shares from $34 to ~$99 by 2014.

Rubicon Limited RBC

Rubicon's NZ-listed holdco structure hides two world-class US assets — ArborGen and Tenon — that a Tenon auction, ArborGen NASDAQ relisting, and three new shareholder directors can unlock for 200-300%+ upside.

Hong Kong Dollar / Hong Kong Monetary Authority (HKMA) HKD

Hong Kong's USD peg forces the booming HKD to import US ultra-accommodative monetary policy, fueling inflation and property bubbles; a 30% revaluation to 6:1 offers ~44x upside via cheap call options.

Yahoo! Inc. YHOO

Yahoo's Asian assets and cash alone cover its $14 price; with a new board and unlocked 40% Alibaba stake, intrinsic value is $20-32 per share — 40-122% upside.

The McGraw-Hill Companies MHP

McGraw-Hill's conglomerate structure masks four independently attractive assets; separating MH Education, Information & Media and the S&P Index business plus an accelerated buyback unlocks ~60% upside to ~$65.

Spreadtrum Communications SPRD

Spreadtrum's 229.6% 2010 revenue jump cannot be reconciled with MediaTek's flat year, zero cash taxes were paid on $75M of profit, and CFO/auditor turnover points to material misstatement — Muddy Waters is short.

Sino-Forest Corporation TRE

Sino-Forest claims Huaihua Yuda is unrelated, but Muddy Waters shows Sonic Jita was once owned by TRE executives and still shares a key executive — undisclosed related-party transactions contradicting CEO Allen Chan's guarantees.

Sino-Forest Corporation TRE

TRE management's evasive Q1 call answers — unfinished E&Y review, undisclosed related parties, an unnecessary AI model, and dropped analyst questions — reinforce Muddy Waters' fraud thesis on Sino-Forest.

Sino-Forest Corporation TRE

Sino-Forest is a fraud: its Authorized Intermediary structure fabricates timber revenue, its Yunnan holdings are overstated by ~$900M, and equity is worth less than $1 vs. $18.21.

Family Dollar Stores FDO

Family Dollar runs a 37% EBIT/sqft productivity gap to Dollar General post-KKR; closing it via ops, a leveraged buyback, or sale unlocks ~$90/share (70% upside).

Duoyuan Global Water Inc. DGW

DGW is a massive fraud overstating revenue by 100x; forged PRC audits, empty factory, and related-party tunneling to Chairman Guo imply the stock is worth under $1.

Iron Mountain Incorporated IRM

Iron Mountain's 44%-margin NOAM storage cash cow is being squandered on low-ROIC Digital and Int'l bets; capital discipline plus a REIT conversion can lift the stock from $25 to $52-$77.

China MediaExpress Holdings CCME

CCME is a fraud: a recorded salesperson admits doubling the bus count for SEC filings, and Chairman Cheng's rebuttal cited fabricated license plates — fair value $3.54 vs $12.27.

China MediaExpress Holdings CCME

CCME is a pump-and-dump: reported revenue is overstated ~5x, its bus network is half the claimed size, and management is cashing out — fair value $5.28 vs $16.61.

RINO International Corp. RINO

RINO is a near-zero: 94% of its reported revenue is fabricated, customers deny buying its FGD systems, and founders are draining cash via the VIE; fair value $2.45 vs. $15.52.

The St. Joe Company JOE

St. Joe's Florida real estate empire is a value trap: developments are ghost towns, the airport catalyst is a bust, and the land is worth $7-10/share, not $24.54.

Orient Paper, Inc. ONP

AMEX-listed Orient Paper is a Chinese reverse-merger fraud: tax records, shell-company suppliers, and customer interviews show revenues and profits are fabricated by orders of magnitude.

Orient Paper, Inc. ONP

ONP secretly swapped its paper-machine order from corrugating medium to kraft board to salvage a technically impossible 360,000-ton output claim, while overpaying the vendor $13-14 million.

Orient Paper, Inc. ONP

ONP claimed to own its China operating company HBOP for 16 months when it didn't, and replaced 80% of its top 10 customers while growing sales 56.5% — both flag fraud.

Orient Paper Inc. ONP

Muddy Waters stands by its ONP fraud thesis: the Baoding factory is incapable of producing reported output, and the 'rejected $300K research fee' vendetta narrative is fabricated.

Orient Paper, Inc. ONP

Muddy Waters reaffirms ONP is a fraud: SAIC-filed PRC financials, impossible equipment claims, and bogus acquisitions contradict ONP's SEC filings; Strong Sell.

Orient Paper Inc. ONP

Orient Paper is a fraud — revenues overstated 27x in 2008 and ~40x in 2009, assets inflated 10x, ~$30M of investor raises misappropriated; fair value under $1 vs. $8.43.

General Growth Properties GGP

At $14, GGP implicitly prices spinco GGO at negative $1; PF GGP alone merits ~$15 on Simon's 6.6% peer cap rate, pointing to ~$20 combined intrinsic and ~43% upside by year-end emergence.

NRSRO Rating Agencies (Moody's, S&P, Fitch)

Rating agencies caused the credit crisis through conflicted 'success fee' incentives; a 60-day new-issue moratorium plus pay-over-time fee structure would restore ratings integrity and market discipline.

Mall REIT sector (long General Growth Properties) GGP

Market-feared mall-REIT collapse never arrived: leverage fell, $18bn equity was raised, cap rates compressed, and tenants now generate cash — making mall REITs still cheap versus Treasuries.

Corrections Corporation of America CXW

CXW is a misunderstood real estate business — 90% of EBITDA is owned prisons leased to governments; rerating to healthcare-REIT cap rates unlocks $40-$54 vs. $24.50.

US/Japan Sovereign Debt & Fiat Currencies (Macro)

Bernanke and Geithner's short-termism has institutionalized too-big-to-fail and will debase fiat currencies — hedge with gold and long-dated options on higher US and Japanese rates.

Realty Income Corporation O

Realty Income trades at a 7.3% cap rate — a ~40% premium to 10-11% private-market rates for the same junk-credit retail properties; downside to ~$14 (-46%).

General Growth Properties GGWPQ

GGP filed for liquidity, not insolvency; with assets materially exceeding liabilities, a seven-year debt extension would deliver 10x–25x upside on equity trading at $1.19.

Target Corporation TGT

Target's insular board lacks CEO-level retail, credit-card, and real-estate expertise — replace four incumbents with Pershing's slate to close the 62-point performance gap versus Wal-Mart.

Target Corporation TGT

Target's land is mispriced inside a 5.8x retail multiple; a <20% IPO of 'TIP REIT' followed by a tax-free spin re-rates the real estate at REIT multiples and lifts the stock from $37 to $67 now, $80 by 2010.

Target Corporation TGT

Target's owned real estate is a $39bn hidden asset; a tax-free land-only REIT spin (TIP REIT) with a 75-year master lease unlocks ~$30/share and 74% upside.

Lehman Brothers LEH

Lehman's $489M 1Q08 profit is accounting ingenuity — hidden CDOs, an unexplained $1.1bn Level 3 swing, and a fabricated KSK mark-up; it must recapitalize now.

Wendy's International WEN

Wendy's is fundamentally a franchise + real estate business trading at a peer-gap discount; the Triarc merger and OpCo turnaround unlock 75-85% upside to $49-$52.

Lehman Brothers LEH

Lehman is using fair-value accounting tricks to hide CDO losses and inflate Level 3 marks; the firm is over-levered, opaque, and needs to recapitalize before the Fed has to step in.

Whole Foods Market, Inc. WFMI

Borders Group, Inc. BGP

Borders' high-quality Superstores franchise is obscured by money-losing Mall and International segments; rationalizing those while remodeling stores and buying back stock unlocks $36 vs. $21 today.

Time Warner Inc. TWX

Time Warner has underperformed its peer index by 51% under Parsons; splitting into four SpinCos (AOL, Content, Publishing, Cable) plus a $20bn buyback unlocks $30-45bn — a 35-54% premium.

McDonald's Corporation MCD

McDonald's is fundamentally a franchise and real-estate royalty company hidden inside an underperforming restaurant operator; a 20% McOpCo IPO and segment financials force a sum-of-parts rerating to $46-$50/share.

McDonald's Corporation MCD

McDonald's is a hidden real-estate and franchise business trading as a restaurant operator; IPO'ing 65% of McOpCo and re-levering PropCo unlocks $45-50 per share, a 37-52% premium.

Allied Capital ALD

Greenlight argues Allied Capital overstates NAV by mismarking illiquid BDC loans and funds its dividend with non-cash PIK income and fees from Enron-Raptor-style controlled subsidiaries.

Norwegian (unspecified — inferred from filename)

GreenPower Motor Company GP

GreenPower imports Chinese Eurise minibuses, re-decals them as 'EV Stars,' and survives only on California subsidies — fair value ~$1.54/share vs. declining revenues and 92% customer concentration.

ADOMANI ADOM

ADOMANI is an electric-drivetrain reseller founded by convicted felons with zero 2017 revenues against a $69M forecast, yet trading at a $500M cap — White Diamond sees 90%+ downside.