UAFRS vs As Reported Weekly Highlights - Asia - 2020 03 06
This week, Valens identified distortions and the corresponding adjustments to correct for those distortions for 000417:CHN, TCOM, and 12124:JPN.Hefei Department Store Group is engaged in the import, export and sale of food, native products, textile products, garments, handicrafts, light industrial and chemical products, and electromechanical products; sale of general merchandises, artwork, furniture, tobacco and liquor, agricultural products, automobiles, motorcycles and fittings, labour protection appliances and communication equipments; western medicines preparation and retail of Chinese patent medicines, gold jewelries; provision of motor transportation; and processing of garments, shoes and caps and plastic products.
JAC Recruitment Co., Ltd. is a Japan-based company mainly engaged in the recruiting business. The Company operates in three business segments. The Domestic Recruitment segment targets mid-career and senior-level price executives and specialist professionals. The Company is engaged in the recruitment and registration of job seekers, the provision of consultation services to the job seekers, the selection of the candidates for appropriate job openings, and others. The Company is also engaged in the provision of recruiting services for overseas job seekers to join companies in Japan, as well as for domestic candidate to join overseas companies. The Domestic Recruitment Advertisement segment is engaged in the publishing of job offerings from recruiting companies on the recruitment advertisement website under the name CareerCross. The Overseas segment provides support service to global business fields of client companies and advances the development of account management.
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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