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  "documentTitle": "Man Wah Holdings (1999.HK)",
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  "authorName": "Carson Block",
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  "presentationDate": "2017-06-16 00:00:00",
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  "notes": "Includes transcript of Q&A with CFO regarding Macau entities and analysis of Panjiva export data discrepancies.",
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      "text": "The bottom line on Macau is that management left our concerns unaddressed.",
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      "text": "We reason that some portion of the profit booked in Macau is fraudulent because we think it is unlikely that MWH a) is permitted to use transfer pricing to book such an outsize percentage of its profits in Macau, and b) could get away with doing so on such a large scale.",
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      "text": "We pointed out that there is a significant discrepancy between what MWH reports in export revenue, and what customs data (through Panjiva) shows. Further, this delta has been growing over the years – in FY 2014 it was 31%, and in FY 2017 the delta was 48%.",
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      "text": "Q: “Let me put it the other way, can I safely say that there are other listed Hong Kong companies that has a similar arrangement?” A: “Hahaha …We believe so, yes.” — Man Wah CFO",
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      "text": "Notice of the State Administration of Taxation... Panjiva data link.",
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