UAFRS vs As Reported Weekly Highlights - Asia - 2020 07 03
This week, Valens identified distortions and the corresponding adjustments to correct for those distortions for 3613:HKG, 300348:CHN, and 532926:IND.Beijing Ton Ren Tang Chinese Medicine and its subsidiaries are engaged in the manufacture, retail and wholesale of Chinese medicine products and healthcare products; and the provision of Chinese medical consultation and treatments.
Jyothy Labs Limited, formerly Jyothy Laboratories Limited, is a multi-brand, multi-product company focused on fast-moving consumer goods industry. The Company is principally engaged in manufacturing and marketing of fabric whiteners, soaps, detergents, mosquito repellents, scrubber, bodycare and incense sticks. It operates through three segments: Soaps and Detergents, which includes fabric whiteners, fabric detergents, dish wash bar and soaps, including ayurvedic soaps; Home Care products, which includes incense sticks, scrubber, dhoop and mosquito repellents, and Others, which includes bodycare, tea and coffee. It products are under various brands, which include Henko, Mr. White, Ujala, More light, Chek, Pril, Exo, Maxo, Margo, Fa, Neem, Fabric Spa, Snoways, Busy easy and Wardrobe. Its subsidiaries include Jyothy Consumer Products Marketing Limited, Four Seasons Drycleaning Company Private Limited, Snoways Laundrers & Drycleaners Private Limited and Jyothy Fabricare Services Limited.
Shenzhen Sunline Tech Co., Ltd. is a China-based company principally engaged in the provision of financial information technology (IT) services for commercial banks. The Company operates its businesses primarily through the provision of commercial bank IT solutions and services, technology development, services and related system integration of computer software and hardware. The Company's products portfolio consists of bank core business systems, credit loan management systems, credit card business systems, business intelligent systems, customer relations management systems, channel management systems, Internet banking systems, system integration systems, as well as system maintenance services, among others. The Company mainly operates its business in domestic market.
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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