by winston » Mon Jan 20, 2025 8:50 am
not vested
BYD’S reliance on financing from working capital has masked surging debt levels at the Chinese electric vehicle (EV) giant.
When adjusted to reflect receivables that have been removed from the balance sheet because they have been sold or borrowed against, and treating excess payables – any amount over 90 days – as a liability, BYD’s true net debt was more like 323 billion yuan (S$60 billion) as at Jun 30.
The company’s market value in Hong Kong is about US$105 billion.
Source: Phillips
It's all about "how much you made when you were right" & "how little you lost when you were wrong"