UAFRS vs As Reported Weekly Highlights - Asia - 2020 01 24
This week, Valens identified distortions and the corresponding adjustments to correct for those distortions for 600406:CHN, Y92:SGP and 601139:CHN.NARI Technology Development is engaged in electric automation products including power generation, power transmission, power transformation, power distribution, and power supply control system equipment; computer and hardware; communication exchange, communication terminal and communication equipment; design, manufacture, sale and servicing of industrial automation instruments, electrical engineering instruments, electronic surveying instruments, industrial process control system and installation; research and development, sale and servicing of computer software; and import and export business.
Shenzhen Gas Corporation Ltd. is principally engaged in the distribution of urban piped gas, petroleum gas wholesale and retail of bottled petroleum gas. The Company's main businesses consist of urban piped gas supply, liquefied petroleum gas wholesale, retail of bottled liquefied petroleum gas, as well as investment and construction of gas pipelines. The Company distributes its products in domestic and overseas markets, with Guangdong province as its major market.
Thai Beverage Public Company is engaged in the production and distribution of alcoholic and non-alcoholic beverages, as well as the operation of Japanese restaurants. Co.'s business consists of four segments: spirits, beer, non-alcohol beverages and food. The spirits segment is engaged in the production and sales of branded spirits products. The beer segment is engaged in the production and sales of branded beer products. The non-alcoholic beverages segment involves the production and sales of branded water, soda, ready-to-drink coffee, energy drink, green tea and fruit juice flavour. The food segment includes Japanese restaurants, bakery shops and distribution of food and beverage.
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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