About GMT Research

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GMT Research is an accounting research firm focused on Asia and regulated by Hong Kong’s Securities and Futures Commission. We develop proprietary methodologies to detect financial anomalies, or traits similar to past accounting shenanigans. We have three main product lines.

Written Research

In-depth Thematic

We will pick a specific theme, such as how to spot companies boosting profits through Acquisition Accounting, explain the accounting behind it, and then highlight companies with similar traits.

High Conviction Single Stock Ideas

We highlight individual companies where the accounting masks the economic reality, possibly through window dressing, profit manipulation or by faking sales.

Screening Tools

GMT Research has developed an Accounting & Governance (A&G) Screen which conducts a peer group comparison to highlight potential financial or accounting anomalies within a company’s financial statements. We have developed modules which alert users to whether a company has financial traits in line with past frauds or accounting shenanigans. We are able to search across markets for companies with specific financial or accounting traits.

Client Interaction

We offer a limited bespoke research product where we provide a written interpretation of the output of our Accounting & Governance Screen. We are also available for conference calls and meetings on written reports and other matters (e.g. general accounting questions). We offer crisis management on companies recently targeted by a short-seller.

How to Become a Client

If you are a professional investor* and are interested in becoming a client of GMT Research, please email us at info@gmtresearch.com. Someone will contact you shortly with subscription details. Please note that the terms of our licence prohibit us from offering our services to retail investors.

*A professional investor includes classes of persons such as intermediaries, authorised financial institutions, insurance companies and recognised exchange companies.

Who We Are

GMT Research was founded by Gillem Tulloch, an industry veteran of financial analysis and research across Asia. GMT Research is committed to delivering insightful, interesting and informative reports.

  • Gillem Tulloch
  • Lisa Mangkornkarn
  • Nigel Stevenson
  • Mark Webb
Gillem Tulloch has been a financial analyst since 1994 and has been based in Asia since 1995, with spells in Singapore, Thailand, Korea and most recently Hong Kong. Over his career, Gillem has covered sectors ranging from telecoms to printing to electronics. He has achieved top industry rankings in regional polls like Asiamoney and Institutional Investor, and has appeared on Bloomberg and Business Week. Gillem has worked in research and strategy for several large sell-side institutions, including Cazenove, Nomura and CLSA, and founded the independent research company Forensic Asia before moving on to establish GMT Research.
Lisa Mangkornkarn has been in finance since 1995. She has worked various stints in research, corporate finance and institutional sales for Jardine Fleming, JP Morgan Chase and Bualuang Securities. Latterly she helped establish Forensic Asia before joining GMT Research. She holds a BA from Vassar College and an MBA from Sasin Graduate Institute of Business Administration, Chulalongkorn University.
Nigel Stevenson worked for eight years in investment banking at Dresdner Kleinwort Wasserstein in London, primarily advising on equity offerings and M&A transactions, both in the UK and internationally. He subsequently spent seven years as an equity research analyst at Veritas Asset Management, where he was a member of the global equities team, primarily focusing on the industrials sector. Nigel is a graduate of Cambridge University and a qualified barrister. He has a Masters in Finance from London Business School, awarded with distinction, and is a CFA charterholder.
Mark Webb is a research analyst and chartered accountant. He has been based in Asia for 21 years, writing research on transport, logistic and industrial conglomerate companies since 1997. Mark has worked for HSBC in equity research in Hong Kong and Singapore, and at PricewaterhouseCoopers in London and Hong Kong.