UAFRS vs As Reported Weekly Highlights - Asia - 2020 08 28
This week, Valens identified distortions and the corresponding adjustments to correct for those distortions for 2670:JPN, 300339:CHN, 968:HKG.ABC-MART is mainly engaged in the sale of shoes and other goods. Along with its subsidiaries, Co. is engaged in the operation of retail stores under the names "ABC-MART," "Nuovo" and others. The stores provide Co.'s brand shoes under brand names "HAWKINS," "VANS," "saucony," "DANNER" and "NUOVO Collection" as well as national brand goods. In addition, Co., through its subsidiary, is engaged in the planning, manufacture, and sale of its own brands "Danner," "LaCrosse" and "White's Boots" as well as the operation of retail store "DANNER" in the U.S. As of Feb 28 2017, Co. maintains 906 stores throughout Japan, 193 stores in South Korea, 38 stores in Taiwan and 4 stores in the U.S.
Jiangsu Hoperun Software is a software outsourcing service provider. Co. is principally engaged in the research and development of computer software and hardware, sale of related products and after-sales integration and technical services; goods and technology import and export business; design, construction and installation of computer network system integration and intelligent building system project; manufacture of communication terminal equipment; installation and manufacture of industrial automation control system devices; and network culture operation. Co.'s services include mobile technologies/solutions, embedded systems, web technologies, M2M solutions and Telematics applications.
Xinyi Solar Holdings is an investment holding company. Through its subsidiaries, Co. is principally engaged in the production and sale of solar glass products, which are carried out internationally, through the production complexes located in the People's Republic of China (the "PRC"). In addition, Co. is also engaged in the development and operation of solar farms and the provision of engineering, procurement and construction services in the PRC. Co.'s solar glass products mainly include ultra-clear PV raw glass and other PV processed glass such as ultra-clear PV tempered glass, ultra-clear PV anti-reflective coating glass, back glass and others.
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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