Valens Research

UAFRS vs As Reported Weekly Highlights - 2020 02 14

This week, Valens identified distortions and the corresponding adjustments to correct for those distortions for 2912:TAI, ICBP:IDN, and 000661:CHN.
Changchun High & New Technology Industry Group (A)

Changchun High & New Technology Industries is engaged in the manufacture of biological drugs; the manufacture and sale of prepared Chinese medicines; the real estate development; the construction of development zone infrastructures; and the property management. Through its subsidiaries, Co. is also engaged in the import and export trade; the sale of cosmetics, medical instruments, and health products; the provision of technical consultation and technical services; the lease of houses; the sale of concrete structure strengthening and repairing materials.

President Chain Store Corp.

President Chain Store is engaged in the investment and operation of convenience stores; retail sale of food, cans, books, newspapers, magazines, and other household goods; and import and export of related products. Through its subsidiaries, Co. is also engaged in the investment; provision of inventory, information and management consultation services; sale of drugs, cosmetics, and bread; delivery of magazine; art and cultural exhibition industry; delivery and sale of food and merchandise; retail of petroleum; design and maintenance of elevator; and wholesale of frozen food. As of Dec 31 2004, Co. has 3,680 stores.

PT Indofood CBP Sukses Makmur

PT Indofood CBP Sukses Makmur is engaged in establishing and operating processed food, seasoning, beverages, packaging, cooking oil and wheat grain mills and flour sack textile manufacturing.

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Valens Research

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  • 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

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