UAFRS vs As Reported Weekly Highlights - Asia - 2020 05 22
This week, Valens identified distortions and the corresponding adjustments to correct for those distortions for 2651:JPN, 300350:CHN, and 532851:IND.HPF Co., Ltd., formerly Shenzhen Huapengfei Modern Logistics Co., Ltd., is a provider of logistics services. The Company operates its businesses primarily through the provision of third-party logistics services, including integrated logistics services, such as program design, transportation, warehousing, loading and unloading, processing, delivery and information processing, among others, as well as the commodity distribution, the provision of intelligent mobile services and supply chain commodity distribution services. The Company offers its services primarily to electronic information industry.
Insecticides (India) Limited. Insecticides (India) Limited is an agrochemicals company in India. The Company is engaged in the manufacturing activities of agro chemicals, pesticides and technical products for agriculture purposes. Its segments include Formulated Pesticides and Technical Pesticides. The Formulated Pesticides segment consists of pesticides, herbicides, fungicides and plant growth regulators. The Technical Pesticides are the basic active ingredients used for making formulations so that they can be used directly by the farmers and/or consumers. Its products include formulations, technicals and household products. The Company caters to both domestic and international markets. The Company's products are available in over 120 formulations and approximately 20 technicals. The Company offers a range of products, including LETHAL, LETHAL 50, VICTOR, MONOCIL, THIMET, LETHAL SUPER 550, LETHAL SUPER 505, NUVAN, SHARP, BRAVO 2500, LETHAL TC, DICHLORVOS, BUPROFEZIN, LETHAL WOODCARE (RTU) and LETHAL ADVANCE.
Lawson and its subsidiaries are mainly engaged in the operation of convenience store chains in Japan and overseas. As of Feb 28 2017, Co. maintains 12,575 stores in Japan and 1,156 stores in China, Thailand, Indonesia, the Philippines and the U.S. Co. is also engaged in the operation of a chain of small supermarkets that seeks to develop and manufacture high-value-added products, the sale of tickets for concerts, sports events, movies and others; the import and sale of compact discs and digital versatile discs; the provision of home delivery services of foods and daily goods through the Internet; the operation of multiplex theaters; and the financial and consulting businesses.
In 2009, just as the dust was settling from the last major equity and credit market crises, we launched a boutique research firm with the intention of breaking Wall Street’s biases and broken incentives:
- GAAP and IFRS have failed to provide rules for reliable financial statement reporting
- Stock analyst recommendations are not grounded in disciplined financial analysis
- Credit agencies have been set up to grossly fail in their responsibilities to investors and the public markets
- Utter lack of willingness of major research firms to employ the the most advanced forensic analysis available
We sought to provide investors and company analysts with a source of information that changed all that.
Many years later, our business model remains because little has changed on Wall Street.
- Corporate credit ratings remain years behind the fundamental underpinnings of company performance
- Stock analysts continue to make recommendations with deeply inherent biases
- Research firms have failed to break down the walls between credit, equity, and macroeconomic research
- The governing accounting bodies have created more leeway for mis-estimates and mis-classifications as financials have become unwieldy and overwhelming
The integrity of Valens Research is founded in our disciplined processes and analytics. No “star” analysts. No corporate advisory relationships. No-nonsense opinions and recommendations.
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