Blog

Research and analysis insights from reading annual reports

Research Data-driven findings

Mainfreight: High Delivery Rate but Credibility Dropped. Here's Why.
40 commitments tracked. 16 delivered. 23 partial. The story is in the partials.
NZXIndustrials 4 min read
Does Management Credibility Predict Stock Returns?
2,003 company-year observations across US, ASX, SGX and NZX suggest it does. STRONG-rated companies returned +26.3% over 3 years. WEAK returned +0.7%.
ASXNZXSGXResearch 5 min read

Education Learn the fundamentals

How to Read Annual Reports: A Practical Guide
Discover the 5 sections that reveal the most about a company's future.
10 min read
What is Management Credibility?
Learn how to evaluate whether CEOs deliver on their promises.
9 min read
Altman Z-Score Explained
Predicting bankruptcy risk using five financial ratios.
8 min read
Understanding Risk Disclosures
The most honest section of annual reports—and what to look for.
9 min read
Annual Report Red Flags: 7 Warning Signs Most Investors Miss
What 3,800+ annual report analyses across four exchanges reveal about the patterns that precede poor performance.
ASXNZXSGX 9 min read

Methodology How we analyse

What 6,500 Tracked Commitments Reveal About Management Promises Across Four Exchanges
Financial promises get delivered most. Project timelines run late. Some just vanish.
ASXNZXSGXUS 5 min read
The Say/Do Ratio: Measuring Whether Management Means What It Says
How tracking management promises against delivery reveals the investment signal most investors miss.
Methodology 10 min read
9 Years, 76 Commitments: What Woodside's Annual Reports Actually Show
25 of 39 recent commitments delivered. Rated MODERATE for nine consecutive years.
ASXEnergy 5 min read
When Management Promises Don't Match Results: ASX Say/Do Gaps
Goodman Group delivered 5 of 27 commitments. Orica delivered 12 of 35.
ASXAnalysis 4 min read
Management Accountability: Why Tracking Commitments Matters
What 16,000 tracked commitments across 590+ companies reveal about management quality.
10 min read
The Management Commitment Framework
How we categorise what companies promise and why the patterns matter.
9 min read
How to Read Management Promises
Where to look, what to extract, and how to track delivery in five steps.
8 min read
Management Credibility Explained
Tracking what management promises versus what they deliver.
9 min read
Why Qualitative Analysis Matters
What numbers alone cannot tell you about a company.
10 min read
Quantitative vs Qualitative Analysis
Two approaches to stock research—automated metrics vs in-depth qualitative analysis.
5 min read
Our Analysis Process
How we systematically read and score annual reports.
8 min read

Market Insights Patterns across markets

Same Brand, Different Businesses: What Coca-Cola's Two Tickers Reveal About Management Execution
KO owns the recipe. COKE runs the trucks. Both rate MODERATE. The annual reports tell different stories.
USConsumer 4 min read
The Companies That Have Been MODERATE for Their Entire History
Amcor: 11 years. Woodside: 9. Spotify: 8. When a rating never changes, it stops being a phase.
ASXNZXSGXUS 5 min read
Viva Energy: When Management Delivers But the Numbers Don't Follow
Qual 76. Quant 40. Seven years. The widest divergence on the ASX.
ASXEnergy 4 min read
SGX's Highest-Rated Companies: Who's Scoring STRONG and Why
14 SGX companies in the top tier. DBS didn't make the cut. BRC Asia, VICOM, and Cortina lead.
SGXMulti-sector 5 min read
SGX REITs: Who's Delivering on Debt Promises and Who Isn't
Arena REIT delivered 83% of commitments. Aims APAC REIT delivered 47%.
SGXREITs 4 min read
NZX's Quiet Performers: The Companies Rated STRONG Right Now
Ten NZX companies rate in the top tier across 600+ companies on four exchanges.
NZXInsights 3 min read
Does Your Company's Board Actually Understand Cybersecurity?
The Iran conflict elevated cybersecurity to essential utility status. Annual reports reveal which boards prepared and which are scrambling.
ASXNZXSGX 9 min read
The Data Behind the Crisis: What Annual Reports Reveal
ASXNZXSGX 9 min read
When Crisis Hits, Does Management Tell You the Truth?
The Strait of Hormuz crisis reveals which management teams told shareholders the truth — Woodside, Qantas, Air NZ, and SIA.
ASXNZXSGX 8 min read
NZX 2024: Management Trends
What 110 NZX annual reports reveal about credibility.
NZX202410 min read
ASX 2024: Management Trends
What 194 ASX annual reports reveal about capital discipline.
ASX2024 11 min read
SGX REITs: Forward Guidance Quality
What separates credible REIT managers from over-promisers.
SGXREITs 10 min read

Weekly Market Movers Volume-driven market commentary

Weekly Market Movers: Asx Ltd Leads with 4.8x Volume
ASX.AX volume surge — week of 25-29 May 2026. 17 commitments tracked.
ASXWeekly 5 min read
Weekly Market Movers: Tuas Ltd Leads with 28.9x Volume
TUA.AX volume surge — week of 18-22 May 2026. 0 commitments tracked.
ASXWeekly 5 min read
Weekly Market Movers: Bapcor Ltd Leads with 10.3x Volume
BAP.AX volume surge — week of 11-15 May 2026. 18 commitments tracked.
ASXWeekly 5 min read
Weekly Market Movers: Gentrack Group Leads with 15.8x Volume
GTK.NZ volume surge — week of 4-8 May 2026. 18 commitments tracked.
NZXWeekly 5 min read

Company Analysis Deep dives

Fisher & Paykel Healthcare
5-year management track record—94% delivery rate.
NZXHealthcare 9 min read
Northern Star Resources
Management credibility in a volatile sector—79% delivery.
ASXMaterials 12 min read
DBS Group
Forward guidance quality—87% delivery rate.
SGXFinancials 12 min read