I posted the following comment at the Motley Fool article dated 4/17/12 about XIN's 4th quarter earnings: "The author of this article fails to take into account that 2 ordinary shares equals 1 share of the ADS XIN. The ordinary share E.P.S. for the 2011 4th quarter was 19 cents, converted into USDs, but the ADS equivalent was 38 cents, as the company points out in its February 23, 2012 press release. This would be a beat, not a miss, of the 33 cent estimate for XIN ADS shares.
For 2011, the company reported 68 cents per ordinary share or $1.36 per ADS. (see page 1 Annual Report, SEC Form 20-F."
Actually his article recognized the $0.38/ADS, but the headline was based on Non-GAAP earnings, which don't really matter, but he claims the analyst estimate he was comparing to was also Non-GAAP, and therefore it was a "miss" in Non-GAAP terms. I kind of doubt that's true about the estimate being Non-GAAP, as the analyst's estimate was much closer to the GAAP value, and yes, XIN beat if the analyst's estimate was GAAP.
For perspective, TD Ameritrade reports XIN's 4th quarter EPS as a $0.05 beat, which would indicate they considered the analyst's estimate to be GAAP.
Actually, now that I look again, I think what happened was he mistook the EPS (common) and called it Non-GAAP, and took the EPS (ADR) as GAAP, and made a ridiculously terrible comparison to the analyst's estimate based on all his faulty assumptions.