UAFRS vs As Reported Weekly Highlights - Asia - 2020 08 14
This week, Valens identified distortions and the corresponding adjustments to correct for those distortions for 1:HKG, BAT:MYS, and 6465:JPN.British American Tobacco (Malaysia) provides day-to-day management and administrative services to its subsidiaries, which are principally engaged in the manufacture, importation and sale of cigarettes, pipe tobaccos and cigars. The principal activities of Co.'s subsidiaries include: investment holding; marketing and importation of cigarettes, pipe tobaccos and cigars; holding of trademarks; purchase of tobacco leaf; manufacture and sale of cigarettes and other tobacco related products; and provision of advertising and promotional services. Co.'s portfolio of brands include Dunhill, Pall Mall, Benson & Hedges, Peter Stuyvesant and Kent.
CK Hutchison Holdings is an investment holding group based in Hong Kong. Co.'s businesses encompass such diverse areas as property development and investment, real estate agency and estate management, hotels, telecommunications and e-commerce, finance and investments, retail, ports and related services, energy, infrastructure projects and materials, media, and biotechnology. Co.'s core business are organized along four segments: Property (sales, leasing, property management and development); Hutchison Whampoa (ports, property and hotel, retail, infrastructure, energy and telecommunications); Life Sciences (health and agriculture related products) and Other Investments.
Hoshizaki and its subsidiaries are mainly engaged in the research, development, manufacture, sale and maintenance of kitchen equipment for industrial use. Co.'s principal products are ice makers including fully-automatic and large-scale ice makers, cooking electrolyzers, meal service carts, high humidity refrigerators, frozen refrigerators, cold salt water system, washing electrolyzers, dish washers, ice dispensers, tea servers, cooking appliances including electromagnetic cookers, electronic frying equipment and microwaves, among others. Co. provides its products in Japan as well as North and South America, Europe, Asia and other regions.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.