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  "documentTitle": "Superb Summit International Group Limited (1228.HK)",
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  "authorName": "Carson C. Block",
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  "notes": "The slide uses a historical precedent (New Beida Group) to expose the unreliability of valuation projections in companies linked to Magic Stone Fund.",
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      "text": "We are confident the same will be the case with JFT.",
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      "text": "revenue variance: -95.51%",
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      "text": "The valuation was based solely on a discounted future cash flow model, and it is clear that Superb Summit had a large influence on the assumption.",
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      "text": "There is precedent for showing that Superb Summit's valuation of JFT is ridiculous. China E-Learning Group Ltd. (8055.HK) comes from the same lineage...",
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      "text": "The auditor, Parker Randall, also seems to express skepticism about the valuation...",
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      "text": "The directors of [Superb Summit] are solely responsible for the preparation of the Discounted Future Cash Flows...",
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      "text": "The Discounted Future Cash Flows depend on future events and on a number of bases and assumptions which cannot be confirmed and verified...",
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      "text": "The directors of [Superb Summit] are solely responsible for the preparation of the Discounted Future Cash Flows with the Valuation which the directors have adopted the Valuation prepared by the Valuer with those bases and assumptions stated in the Valuation with input from the Company and the Valuer. — Auditor's letter",
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      "text": "Source: Bloomberg",
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      "text": "New Beida Group Forecast vs. Reality 2008 - 2010 (HK$)",
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