Sakura Research
linking the dots

Applovin Corp: Suspect Financials and Fictitious Revenues from Brand-New Singapore Subsidiary. No Disclosures to the SEC. (NASDAQ:APP)

Feb 27
Applovin Corp: A cash-poor company with a distressed balance sheet and questionable asset quality, not paying income taxes. The financials of its overseas subsidiaries are suspect, exhibiting signs of revenue round-tripping and fictitious revenues. Insignificant AI R&D spend and a shallow AI team. (NASDAQ:APP)

Feb 25
iFast Corp: Public Accounting Questions for iFAST and its Auditor, KPMG (SGX:AIY)

Feb 20
Raffles Medical Group: Letter to SGX, SIAS, and The Auditor, KPMG LLP (SGX:BSL)

Dec 3
Raffles Medical Group: Letter to the Board (SGX:BSL)

Nov 27
Raffles Medical: Superior revenue-generating prime Singapore properties at absurdly under-appraised values. Mark-to-market with fair value gains of S$774m

Nov 27
Raffles Medical Group: Call for Strategic Review, Part II – Greater China Investments (SGX:BSL)

Nov 27
Raffles Medical Group: Call for Strategic Review, Part III – Insurance (SGX:BSL)

Nov 27
iFast Corp: Accounting antics continue following Q3 2024 results, increasing balance sheet stress

Oct 29
iFast Corp: Pulling a Fast One — Questionable Accounting Practices, Misleading Investors, and Fraud

Oct 13
DHLU: Our Tactical SREIT Pick Due to Strengthening Yen

Sep 16
iFast GLOBAL BANK: Loss-making asset underreports its losses. No foreseeable profits. Continuous equity infusions. Ineffective management.

Sep 16
iFast Corp: Our Response to Business Times Article

Sep 5
UOB-Kay Hian – Cash-rich balance sheet, great cash flow yields and high dividend rate, and a prime target for privatisation/take over (SGX:U10)

Aug 19
iFast Corp: Accounting Questions (SGX:AIY)

Aug 19
iFast Corp: Analyst Misconceptions (SGX:AIY)

Aug 19
iFast Corp: Stagnating core business after the pandemic bump, inability to generate meaningful free cash flows, and increasing financial stress (SGX:AIY)

Aug 19
Disclaimers. Terms & Conditions.

Aug 15